This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ten Strategies to Fight Bank Fees

Kevin Smith was fed up with his bank.

The 27-year-old advertising executive closed his Bank of America (BAC - Get Report) accounts in mid-April after what he called a "nonstop barrage of fees and charges." The latest round of surcharges began when Smith incurred one fee for attempting to transfer more funds than were available from one account to another. He then incurred a second fee for having insufficient funds to cover the initial charge.

The final straw came when Smith called Bank of America to complain. He encountered what he considered a discourteous customer-service rep who noted that other banks charge such fees as well. Bank of America soon lost a customer.

Bank of America says it has put in place dozens of tools and services -- such as email alerts, overdraft protection and interactive features on its Web site -- to educate consumers and help them avoid such fees. "We really want to work with all our customers," a representative says, "whether by phone, in person or online."

Fees are a common complaint for customers of all kinds of banks beyond Bank of America. Declining interest rates, tough competition to attract customers with higher yielding accounts and turmoil in the mortgage and credit markets have left banks tapping into other streams of revenue.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
BAC $15.64 0.00%
WM $52.66 0.00%
AAPL $130.28 0.00%
FB $81.53 0.00%
GOOG $565.06 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs