Do you know what bank fees you’re paying? Many banks charge fees for behaviors that customers don’t realize are costing them money. Among them are foreign transaction fees and, perhaps most surprisingly, fees for receiving paper statements.
Nessa Feddis, vice president and senior counsel at the American Bankers Association, says banks are imposing such fees because they’re offering more services to the consumer–and these services cost the banks money. “When people say the number of potential fees has increased, it’s kind of disingenuous,” Feddis says. “We had limited services years 30 of 50 years ago–there were no debit cards, no ATMs, no online banking–so there were less fees.”
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