Overdraft fees have consumers concerned
By Katie Boer KPIC NewsROSEBURG, Ore. -- Controversial bank fees are quickly becoming a topic of heated discussion. According to the Center for Responsible Lending, banks and credit unions collected nearly $24 billion in overdraft fees in 2008. In 2009, that number is projected at nearly $26.6 billion, and consumers are concerned how they can get that money back in their wallet. KPIC contacted the nation's top three banks, and is currently investigating trends for leading banks to reduce the amounts of the fees. The Senior Vice President of Media Relations for Bank of America, Britney Sheenan, told KPIC that there are several tips to keep bank accounts in check. "Sign up for your banks account monitoring services, sub bullet to that would be email alerts, online banking, mobil alerts. Those are the differt types of things you can do. Read your monthly statement. Keep a ledger of your transactions. Not just those that have posted to your account, but the actual transactions you've made. That is singularly the most accurate thing you can do," said Sheenan. Al Lowder, Branch Manager for Wells Fargo explained that the banks are not just out to get customers. "Well, with less money coming in, we need to really help our customers to budget the funds they have, and so our goal isn't to really to make less fees for them. We don't want our customers to have any fees. So our goal is to help educate them, but make sure they have a great banking experience so they don't run into that situation. KPIC has spoken with US Bank, Wells Fargo and Bank of America regarding the recent decrease in fees, and are currently continuing to research the issue. |
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