Banks now charge customers for transferring money, talking to tellers, and using ATMs

Banks are now charging customers extra fees for using a variety of their services such as the ATMs, talking to tellers, and also transferring money. A resident of Russell Township was totally miffed when she noticed a $10 fee on her bank statement. She later discovered that this was for just possessing an ATM card.

The customer could have easily avoided the extra charge by opting for a debit card with the Visa logo. But she did not want it for security reasons. The customer states that she will pay this $10 fee per year, but she will be on the lookout for other fees and if there are any more, then she might consider switching from PNC bank to another bank.

There are many customers who can expect to see extra fees being charged by the banks for using their services. Fees such as this are going to be a common occurrence from this year onwards because banks all over the nation are grappling with different ways to recover the lost revenue due to the changes brought about by the new regulations. Now a lot of fees have been cut down including overdraft fees, debit card usage fee etc.

There are a whole lot of new fees popping up all the time, stated Pamela Banks who is a senior policy counsel at Consumers Union, Washington D.C.

Now that people are being charged  for talking to a teller, transferring money between accounts, or getting a paper statement, it clearly indicates that banks have lost a lot of revenue and are hence finding ways and means to make up for the loss.

Beginning June 1, KeyBank will start imposing $5 per month as fee on any checking account which lies inactive for over three months. At present, it takes one year with a few transactions in order to be considered inactive.

Bank of America has now started offering a no-frills account with no requirement of minimum balances or direct deposits. However, visiting a teller for any transaction, that could be done either through an ATM or online, could cost a monthly fee of around $8.95. You must either keep $5,000 per month or pay $9 per month if you don’t want to have an online account.

Although banks are required to give a 30-day notice period in case any new fee is levied, that offers little or no consolation. This new fee is the latest casualty of the banking crisis.