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Banks, in an attempt to wring more revenue out of customer accounts, are planning new ways to raise fees on basic products like debit cards, cash machines and checking accounts.
As regulation curtailing financial institutions from levying certain charges on consumers has mounted over the past year, banks have had to come up with new fees to replace those trimmed by laws. Credit-card users have experienced new inactivity fees and foreign-exchange charges, while checking accounts have gotten hit with new monthly maintenance fees.
Banks are considering additional fees on credit cards and checking accounts. But they also are looking at new ways to make money on cash machines and especially debit cards as regulators pinch the cards’ conventional revenue streams.
Some experts believe that to counter that lost revenue, banks are thinking about imposing annual fees of $25 or $30 on debit cards.