Banks get creative with hidden fees for “free” checking accounts
0There’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.
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