Banks, Bank Fees | featured news

President Obama slammed Bank of America’s $5 debit card card fee in an interview with ABCnews.com and Yahoo on Monday, calling the charge “not good business practice.”

Another day, another new bank fee. As the uproar swelled over Bank of America Corp.'s planned $5 monthly charge for debit cards, megabank rival Citigroup Inc. was telling checking accounts holders that it would sock them with a $15 a month fee unless they maintain a balance above $6,000.

Bank of America will charge debit card customers a $5 monthly fee for using their plastic to make purchases starting next year, a move to recover recently reduced fees paid by merchants.

Banking consumers who try to engage in comparison shopping often simply can't because nearly one in four banks doesn't make fee schedules available before they sign up, according to a study published Tuesday by a consumer group.

Wells Fargo is ending its free checking account. Bank of America is testing out options. Others are expected to follow suit. The good news for bank customers this summer is that new federal rules should cut down on unexpected overdraft fees.

Cash advances are one of the sneakiest ways a bank can trap you into a cycle of debt. But there are a handful of other debt traps you should avoid at all costs. "You may think you can get in and get out, but it's financial quicksand. ...

Though details are sketchy, the fee would recover money put up to bail out the banks, a rescue that has contributed to the largest deficit since World War II.

First, Arthur Santa-Maria called Bank of America to ask how to check the balance of his new unemployment benefits debit card. The bank charged him 50 cents.