New rules intended to protect consumers might reduce bank profits, so credit card companies are making up the slack with new fees.
According to an article written by Mark Huffman at ConsumerAffairs.com:
• Banks Eye New Fees, Revenue In 2010
• Despite Rules Changes, Banks Still Depend On Overdraft Fees
• Overdraft Fees Exploding, Study Finds
• Free Checking Isn't Always Free
• Do You Really Need A Bank?
• Fees For Unauthorized Overdraft Loans Keep Going Up
• Lawmakers Target Bank Overdraft Fees
• Consumers Want Opt-In Choice on Overdraft Coverage
• Checking Account Fees Set Records in 2008
• Bank Fees Rise, Disclosure Sinks
• Bank of America Takes Bigger Bite with $3 ATM Fee
• Bank, ATM Fees Continue To Rise
• Penalty Fees, Interest Rate Hikes, and Misleading Contracts Await Credit Card Shoppers
• We're Paying More Than Ever at the ATM
Huffman points out that even as the "Credit Card Act of 2009" goes into effect next month to protect the financial rights of debt-strapped consumers, lenders have spent the better part of 2009 jacking up interest rates and closing thousands of accounts.
Read more: http://www.consumeraffairs.com
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