Is your bank robbing you blind?

The new trend in banking includes mergers, acquisitions, higher fees and reduced services. Information on how consumers can get the lowest bank fees around with no sacrifices in the services they need is presented. From 1985 to the first quarter of 1996, the number of banks in the US has fallen from...

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Bibliographic Details
Published in:	Black enterprise 1996-10, Vol.27 (3), p.117-121
Main Author:	Korn, Donald J
Format:	Magazinearticle
Language:	eng
Subjects:	Analysis Bank accounts Bank mergers Bank service charges Bank services Banking industry Banking law Checking accounts Consumerism Consumers Cost control Credit card fees Credit unions Customers Evaluation Guidelines Opportunity costs Personal finance Prices and rates Savings accounts Selection Shopping
Online Access:	Get full text
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Summary:	The new trend in banking includes mergers, acquisitions, higher fees and reduced services. Information on how consumers can get the lowest bank fees around with no sacrifices in the services they need is presented. From 1985 to the first quarter of 1996, the number of banks in the US has fallen from 14,417 to 9,841, according to the Federal Deposit Insurance Corp. Fewer banks mean less competition and higher fees. Customers, who used to be charged flat fees, are now being nickel-and-dimed for individual services. Hardest hit in this frenzy has been the checking account. Today, with banks cutting back on tellers and customer service reps, it is up to you to keep track of all the costs to maintain your bank account. Customers should be especially vigilant in August and December. You should tailor your questions and your evaluation to your particular circumstances. If you expect to be buying a car soon, you might want to add a question about auto loans during your investigation of local banks.
ISSN:	0006-4165 2691-5510