Fees, Fees and More Fees

[pennypinch]

CnnMoney compiled a list of the fifteen most hated fees. Some of these really are ridiculous and they should not be allowed.

1. Credit card fees for no usage. Some banks actually charge you fees for NOT using your credit card enough! Citibank actually charges certain cardholders $60 a year if they don't charge at least $2,400 in a year!

2. Overdraft protection fees. Many banks are now offering to transfer fund from one account to another to prevent overdraft fees. The thing is many of them will charge you about $10 for doing the transfer and it actually costs them almost nothing to do it.

3. Checking account fees. Many banks have checking account fees, especially on interest-bearing accounts. They also have a minimum balance requirement which is typically $3,400!

Thats just the tip of the iceberg. I don't know about you but I am sick and tired of being fee'd to death!

[Rae74]

You ain't kidding,I mean come on look at late fees,people are already struggling to pay thier bill evidently if they are late.How can you expect them to be able to pay all of the late fees on top of that.

That just makes it harder for the person to catch thier bills up,companies should lower their fees some.Banks,credit card companies and more should all lower thier fees.

[pennypinch]

Update...

I just read that rules having to do with credit card fees are changing and finally it's good for us rather than them!

New rules released by the Federal Reserve will eliminate fees altogether for those who do not use their credit cards. Also the late payment fees cannot be more than $25.00.

These new rules for credit cards will take effect on August 22nd.

Other parts of the new rules:

• Consumers won't have to fear being charged a fee for failing to use their credit cards.
• Penalty fees can't exceed the dollar amount incurred by the consumer's violation that spurred the fee. For example, if a customer is late making a $20 minimum payment, the fee can't exceed $20.
• Consumers will no longer face multiple penalty fees, if the violation was based on a single late payment.

The provisions announced Tuesday by the Fed complement previous rules implementing the 2009 credit card law already in effect.

Sounds great to me!