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Is there bank reform?

October 29, 2010

New laws have limited what banks and credit card companies can charge you. One my say that’s the end of nicel-and-diming? Hmmmm, check these figures out:

Credit Card Reform, By Capping Once-Lucrative Levies…

( Late Fees, Pre-Reform High $39…Max today $25  and Over-Limit Fees, Pre-Reform High $39…Typical today $28)

…Will Cost Banks…

(Estimated Revenue Losses in 2010, $5.5 Billion)

…As Will Tighter Checking Account Overdraft Rules.

(Total Overdraft Fee Revenue: 2009, $37 Billion and 2010, $35 Billion) 

So Banks Are Raising Fees The Law Left Untouched…

(Common Balance Transfer Fee: 2009, 3% ($75 Cap) and  2010, 5% (No Cap))

…Creating New Ones…

(Card Replacement Fees $10-$20)

…And Raising Rates.

(Average Rate For New Customers: April 2009, 107% and September 2010, 13.6%) 

I think that these figures certainly answer the nickel-and-dime question. At GAI (www.gunwel.com) we want to show you how you can save money in all aspects of your financial life. Call us today at 212-979-6830 or stop by for a visit. See you soon!

 

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