Consumers will soon face more increases in bank fees and tougher requirements from some of the nations’ larger banks, according to Consumer Reports’ latest cover story investigation.
Banks such as JPMorgan Chase, Bank of America and Wells Fargo are getting slammed with new federal regulations that are cutting into their revenue. As a result, the banks have and will continue to find ways to recoup lost money.
Banks may soon attempt to charge their customers new fees for services such as paper statements and higher safe-deposit costs, according to Consumer Reports.
Financial experts have said that one option for consumers to avoid paying higher bank fees is to switch to community banks, larger credit unions and online institutions.
Republican candidates across the country are using the bank fees as talking points on their campaign trails to Congress.
Florida’s former Republican State House Majority Leader Adam Hasner is accusing his primary opponent in the Senate race against Sen. Ben Nelson (D-Fla.), former Sen. George LeMieux, of voting for the Dodd-Frank Act while he was serving in the Senate.
“If Floridians are wondering why they will soon be paying more to use their debit cards, they need to look no further than Senator George LeMieux,” Hasner said, ThinkProgress.org reports.
According to Hasner, Dodd-Frank forced banks to charge customer new fees in order to keep up with the costly requirements associated with the financial overhaul law.