821,000 households opted out of the banking system from 2009 to 2011.
More Americans have limited or no interaction with banks in the aftermath of one of the worst recessions in history. Instead more people are relying on check cashers and payday lenders to manage their finances, according to a new federal report.
Continue reading… “Growing number of Americans are opting out of the banking system”
Banks have imposed other harsh penalties on consumers for minor lapses.
Despite efforts by regulators to to rein in aggressive practices by banks checking account overdraft fees have jumped during the past two years, according to new reports by two nonprofit groups.
Continue reading… “Despite regulatory efforts overdraft fees are rising”
The free checking account will soon be gone.
According to a survey released by Bankrate.com only 45% of non-interest bank checking accounts are free, down from 65% in 2010 and 76% two years ago. Fees, meanwhile, are rising: The average monthly fee for a non-interest account is $4.37, up 75% from a year ago.
Continue reading… “Prepare to say goodbye to the free checking account”