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TD Bank announces new fees as Durbin continues to fight banks

TD Bank has raised its fees for its checking account service, saying it chose hikes that would have the least amount of impact on its customers.

The new fees include raising the cost for a wire transfer from $10 to $15. Customers will also have to pay $8 instead of $4 for certified checks. Money orders will cost $1 more and stop-payment fees will cost $30, up from $25, Finance.Yahoo.com reports.

In March, TD Bank raised the monthly fee on its basic checking accounts from $3 to $3.99, offering a $1 discount to customers who opted for online statements.

The bank is trying to level out the costs for new government regulations.

Senate Majority Whip Dick Durbin (D-Ill.), the champion of some of the banks’ most burdensome regulations, is leading a campaign to bring transparency to new bank fees.

Durbin has asked the Consumer Financial Protection Bureau to require banks to provide full disclosure on all of its fees in order to allow consumers to explore their best banking options, according to Finance.Yahoo.com.

Durbin sponsored a law passed earlier this year known as the Durbin Amendment that capped the amount banks can charge merchants for debit card swipes.

The law significantly cut into banks’ revenue stream and limited their ability to pay for fraud and to provide customers with rewards.

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