FEES

Customers in the U.S. are more pleased with their banking experiences now than they have been over the past three years, according to a new annual report released by J.D. Power and Associates. The research group revealed that customer satisfaction increased four index points from last year, marking the first uptick in sentiment since 2007.

Improved In-Branch Interactions and Access to Account Info Contribute to Satisfaction

Photo courtesy of Andres Rueda via Flickr

A few weeks back, the Federal Reserve issued a series of clarifications regarding the Credit CARD Act of 2009. While the last of the regulations were implemented about a year ago, issuers have tried to sidestep the intent of the regulation.

A consumer group study released on Tuesday revealed that 25 percent of banks hide fee information from consumers interested in obtaining accounts. Hiding this information, the group says, violates an important act and makes it difficult for consumers to appropriately shop around for financial institutions.

Some Banks Fail to Disclose Fees

A number of banks are testing out higher ATM fees and Chase is at the top of the list with a $5 fee for non-customers in Illinois. According to CNN Money, the bank is making an effort to compensate for the costs associated for running its network of ATMs around the country.

Chase Pays a High Price to Offer Convenience

To the everyday person, the differences between national and even local banks and credit unions are subtle but important. The key difference, however, is that banks are for-profit and investor owned financial institutions, whereas credit unions are not-for-profit and member owned. As such, credit unions have different bottom-lines, loyalties and tax exemptions than banks. Here are some of the ways choosing a credit union could benefit you, as well as a few reasons why you might want to stick to banks:

Pro: Credit Unions Look After Their Members

Bank of America has announced that it will be setting up a new tiered price system for its customers. The idea is to reward customers who manage their accounts responsibly while charging those who don’t higher fees.

The system isn’t only about creating rewards, though. It’s also trying to recover some of the $4.3 billion in revenue it expects to lose from new banking restrictions that will be placed on bank and credit card fees.

The New Tiered System

We all know credit card companies do their best to charge as many fees as possible. After all, it’s how they make money. From late payments to interest on outstanding balances, credit card fees can really add up.

When was the last time you combed through a statement to see exactly what types of fees you are paying? You might be surprised by the charges. The following are 5 credit card fees you may not have known you were paying:

The last batch of rules from the Credit Card Accountability, Responsibility and Disclosure (CARD) Act will go into effect on Aug. 22. When this happens, a number of changes will take place, including new protections for gift cards. Are you ready?

How Your Gift Cards Will be Protected

If you love to purchase gift cards because of their convenience, whether sharing with a loved one or for your personal use, you’ll be happy to know that the Credit CARD Act will soon be making sure you get to enjoy them a little longer.

There’s no doubt overdraft fees are costly. What’s worse, they generally hit you right when you don’t have a whole lot of money on hand to pay them.

It goes without saying that the best way to avoid being hit with an overdraft fee is to simply keep a positive balance in your account in the first place. However, mistakes happen and sometimes a check you have forgotten about comes through at an inopportune time, or you come up short on an automatic payment.

New rules for overdraft fees take effect August 15, and banks are scrambling to encourage customers to opt in to overdraft protection. I’ve received a few letters from my banks in the past few weeks touting the benefits of overdraft protection and asking me to opt in. But is it a good idea?

What is Overdraft Protection?