Despite the recent backlash, new threats arise as more and more banks are incorporating fees to offset the lost revenue in reaction to new regulations. The less than creative ways to compensate the losses are the introduction of the experimental fees that are sure to outrage customers.

Wells Fargo just announced they will be charging customers $7 per month to maintain a checking account in an additional six states.  The new states affected are Pennsylvania, New York, Delaware, Connecticut, New Jersey, and Georgia.

According to a Wells Fargo spokesperson, the “Essentials” checking account monthly charges may be avoided by keeping a $1,500 balance or make monthly direct deposits of at least $500.

NerdWallet, a personal finance site, said it found the average customer that can’t maintain the minimums and other requirements will wind up being charged an average of $110 a year by the largest banks across the country.

Unfortunately, these methods to increase revenue may only drive customers elsewhere.  At least for now, there are still options that allow consumers the banking experience we once knew.

In the meantime, I found a list compiled by ABC News of what to expect from the largest banks and how much each is charging for basic checking accounts and their debit cards.

Bank of America

Checking: $25 deposit to open; $8.95 monthly fee unless statements are paperless and deposits/withdrawals are done online or by ATM.

Debit Card: Included with all checking accounts (no additional fees).

Wells Fargo

Checking: $100 deposit to open; $5 monthly fee unless direct deposit or average balance of $1,500.

Debit Card: Included with all checking accounts (no additional fees).

JPMorgan Chase

Checking: $25 deposit to open; $12 monthly fee unless direct deposit of at least $500, minimum balance of $1,500 or $5,000 average daily balance in linked accounts.

Debit Card: Included with all checking accounts (no additional fees).

Citigroup

Checking: $0 to open; $10 monthly fee unless balance of at least $1,500 in prior month or one direct deposit and one bill payment each month.

Debit Card: Included with all checking accounts (no additional fees).

US Bank

Checking: $50 to open; $6.95 monthly fee with online statements or $8.95 with paper statements unless direct deposits of at least $500 or average account balance of $1,500.

Debit Card: Included with all checking accounts (no additional fees).

Find out how a factoring company can achieve the goals you are looking for to grow your business.

Share/Bookmark

In his role at Steelhead Finance, Templeton will provide comprehensive marketing trend reports, execute marketing strategies for growth including a comprehensive new corporate website, which hosts cutting edge client utilities, social media campaigns, search engine optimization and online sales lead generation programs.

Steelhead Finance has been providing financial services for the transportation industry for nearly three decades. Located in Medford, Oregon the company recently rebranded itself from Capital Associates to Steelhead Finance because it better represents who they are as a company today.

To reach Rich Templeton call: 541.773.3377 or email: rich@steelheadfinance.com

Share/Bookmark

Stealhead Finance Will Turn Cash Slow Into Cash Flow

1. Reduce Bad Debt through Credit Services Provided
2. Meet Increasing Sales Demands without Fear of Lacking Working Capital
3. Take Advantage of Early Payment Discounts
4. Take Advantage of Volume Discounts
5. Stop Offering Early Payment Discounts
6. Retain Equity
7. Avoid Incurring Debt
8. Factoring Aids Clients in Building Credit through Promp Payment of Bills
9. Leverage Off of Your Customer’s Credit
10. Professional A/R Billing Follow-up (collections)
11. Receive Detailed A/R Managemnet Reports
12. Invoices being Paid Faster Increases Your Line of Credit with your Customers
13. Invoice Process and Billing Service Eliminates Staffing Needs and Overhead
14. You can Concentrate on Growing Your Business
15. No Geographical Limits
16. Early Detection and Warning of Customer Service Problems
17. Offer Credit Terms to Customers
18. Credit Screening
19. Credit Monitoring
20. Your Factoring Line of Credit Grows as You Grow your business

Share/Bookmark