The Consumer Financial Protection Bureau (CFPB) is taking a fresh look at costly overdraft fees and is considering imposing new rules on the controversial practice.
If you’re in the market for a new checking account, you should have an easier time comparing fees. A new study from the Pew Charitable Trust found that a growing number of banks are simplifying their account disclosures — making it easier for consumers to quickly scan a list of fees. However, once you settle on a new account, watch out for fee gouging. The same study also found that a large number of banks are still nickel-and-diming their customers.
You may want to take a closer look at your bank’s fee schedule next year — particularly if you’re working with a smaller bank or lender.
Last week, the Wall Street Journal reported that small lenders, including regional banks and credit unions, are cautiously increasing the fees they charge on a variety of services in order to make up for lost revenue.