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Fees for closing accounts draw attention
Source: Boston Globe
Fees for closing accounts draw attention
Bank customers growing frustrated over charges
By Todd Wallack
Globe Staff / February 9, 2012
Upset about bank fees? Want to close your bank account?
No problem, your bank says. Just one catch: There may be a fee for that.
Many banks across the country, including several in Massachusetts, are charging customers if they close a checking or savings accountwithin several months of opening it. Boston-based Sovereign Bank, Citibank, PNC Bank, and U.S. Bank charge $25. Some smaller financial institutions demand up to $50 to close an account.
The fees, while not new, are attracting more scrutiny from consumers, lawmakers, and regulators as customers have become more aware and increasingly disenchanted with new and higher fees imposed by banks. US Representative Brad Miller, a North Carolina Democrat, recently introduced legislation to prohibit banks from charging customers fees to close a personal checking or savings account. “It is really hard to change banks,’’ Miller said.
[font size=1]-snip-[/font]
Bank customers growing frustrated over charges
By Todd Wallack
Globe Staff / February 9, 2012
Upset about bank fees? Want to close your bank account?
No problem, your bank says. Just one catch: There may be a fee for that.
Many banks across the country, including several in Massachusetts, are charging customers if they close a checking or savings accountwithin several months of opening it. Boston-based Sovereign Bank, Citibank, PNC Bank, and U.S. Bank charge $25. Some smaller financial institutions demand up to $50 to close an account.
The fees, while not new, are attracting more scrutiny from consumers, lawmakers, and regulators as customers have become more aware and increasingly disenchanted with new and higher fees imposed by banks. US Representative Brad Miller, a North Carolina Democrat, recently introduced legislation to prohibit banks from charging customers fees to close a personal checking or savings account. “It is really hard to change banks,’’ Miller said.
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Read more: http://www.boston.com/business/personalfinance/articles/2012/02/09/want_to_switch_banks_theres_a_fee_for_that/
3 replies
= new reply since forum marked as read
= new reply since forum marked as read
...probably on Cantor's agenda...along with still more usurious rates on credit cards. 
