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Banks get creative with hidden fees for “free” checking accounts

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  • by angih
  • In Uncategorized
  • — 10 Jul, 2013

There’s no such thing as free banking, says Felix Salmon.

The Reuters financial reporter recently blogged about his frustration with his bank’s lack of transparency on his not-so-“free” checking account. After uncovering a complicated system of overdraft fees, automatic transfers and interest rates, he wonders what other kinds of hidden fees he hasn’t noticed.

Salmon suggests a combination of legislation and regulation to force banks into a more transparent system. But still, this begs the question: are upfront monthly fees really preferable to hidden fees?

If you’re tired of being nickel-and-dimed by your bank, consider joining a not-for-profit credit union.

http://blogs.reuters.com/felix-salmon/2013/07/01/adventures-with-free-checking-transatlantic-edition/

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