Bank Fees A Mystery? Informative - Fee mystery - Banks Flout Federal Laws On Fees

Review by GothicSmurf on 2008-03-04
"Government investigators dispatched by Congress last year to find fee schedules at banks around the country came back empty-handed 22 percent of the time. And at one-third of the banks, information on overdraft fees and procedures was nowhere to be found."

Not having these policies clearly outlined is a violation of Truth and Savings Act.

"It's far more likely that you'll get a parking ticket for breaking parking rules outside a bank than it is the bank will be fined for disobeying federal lending laws."

An interesting trend in looking at bank fees over the past few years the lower the interest rate set by the Federal Reserve, the higher the bank fees! A banks non interest income accounts for a total of 27% of the banks income.

Read More here:

Comments:3 Replies - Latest reply on 2008-03-04
Posted by thensider on 2008-03-04:
that's just not right. LOVE how the government KNOWS they are breaking the law, but doesn't care. ! VH!
Posted by Principissa on 2008-03-04:
That's nice to know, they break the law and they don't care. Love the government, NOT.
Posted by Anonymous on 2008-03-04:
No surprise here. This is why we use a members owned credit union. (VH info)

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