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Released: September 27, 2011
Act to avoid bank services fees
Source: Sandra Block, USA Today
Next time Grandma and Grandpa get to reminiscing about the good old days, ask about the time they opened a bank account and got a free toaster oven. Not only that, but they earned a pretty decent interest rate, too. Those days are long gone. Banks are awash in cash, despite the fact that they're paying pennies in interest. And increasingly, customers are being charged for services that used to be free. Banks say recent regulatory changes have left them with no other choice. Starting Oct. 1, the maximum fee that banks can charge retailers when customers pay with a debit card is 21 cents, down from an average of 44 cents. The fee cap is expected to cost banks $10 billion a year. Only 45% of non-interest checking accounts are free, down from 65% in 2010 and 76% two years ago, according to a survey by Bankrate.com.Read Full Article: Act to avoid bank services fees
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