Banks Raising Checking Account Fees

USA Today reports that some banks are starting to extend some of their credit card practices to checking accounts. For example, banks are making it easier for consumers to spend more money than they have in their checking accounts, just as they allow consumers to spend over their card limits--and then get charged a steep fee for doing so. Some analysts believe that new credit card restrictions will only create fee increases on bank accounts.

Bank of America has raised its monthly fee on certain checking accounts and is imposing a fine on accounts that remain overdrawn.

MSN Money says that late fees and overdraft charges have tripled in the last 10 years. Banks charge an average of 25% more than they did six years ago for using another bank’s ATM. Cash advance fees have increased and stop payment and returned deposit fees have skyrocketed. Fees to talk to bank tellers—in person or on the phone--are now standard for many low balance accounts. And some lenders have imposed fees ranging from $5 to $15 for making payments by phone or online.