As of December 31, 2012, many credit unions and banks in and around Northwest Indiana are ending the unlimited deposit insurance coverage for all accounts that do not bear any interest. All financial institutions that are insured either by the National Credit Union Administration or Federal Deposit Insurance Corp are all set to end this coverage just as the year comes to an end. From the start of the year …

In recent times, learning more about the checking accounts of various banks implies going through pages of fine print trying to understand the hidden implications of the rules and regulations mentioned. The fact that each bank has its own set of terms and rules that customers need to adhere to has made the entire process time consuming and laborious. However, thanks to a move by Pew Charitable Trust, this may …

When the Dodd-Frank Wall Street Reform and Consumer Protection Act was implemented in 2010, there were a plethora of restrictions that were levied on the banks and other financial institutions. This posed a big concern to the banks since revenue that ran into billions of dollars stopped flowing into the coffers. This left banks with no options but to restrict the “free” services they offered their clients. In addition to …

The survey revealed that the checking accounts monthly service fee is as high as $5.48 on an average, an increase of 25% from the year ago period. Similarly the average fee of ATM operators to their non-customers climbed 4% to reach a record high of $2.50. The survey suggested that customers might be losing their patience. About 72% of the prospects surveyed were thinking of changing their banks if they …

The banks have increased the ATM surcharges by $2.50 which is the highest increase recorded over the last eight years. Banks, in recent times, have also increased the fees for consumers using a competitor’s ATM to withdraw cash. The increase is of $1.57 or 11 percent as compared to the current fees. Therefore, customers will now have to pay $4.07 per transaction at a competitor’s ATM, which is  record high …