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By Bill Catlin
September 10, 1997
HAVE YOU EVER COUNTED how much you're paying in bank fees?
Consumer groups argue banks are gouging customers with excessive fees at a
time of record profits. A recent study indicates bank accounts in
Minnesota are cheaper than the national average, but to varying degrees,
bank fees in the state are rising in cost, number and complexity. Minnesota
Public Radio's Bill Catlin examines the complaints and justifications for
bank fees in these reports.
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A Three-Part Series
Part One: Turning Rubber into Gold Banks find bounced check fees to be a profitable source of income; such fees brought in nearly $130 million last year in Minnesota alone. In this story you'll meet individuals trapped by bounced-check fees, consumer advocates arguing the charges are exorbitant, and banks defending their practices.
Part Two: Cashing in on Cash Machines "Since surcharges were put into place, the number of ATMs has increased dramatically." Transcript - Complete Story (RealAudio 14.4) Landlords are increasing rents for valuable ATM locations, but that is just one of the pressures pushing up fees for using the machines. Under common circumstances, ATM users are being charged twice for their transactions.
Part Three: Fee-for-All "Most financial institutions, historically, make money on the apathy of the customer." Transcript - First Half (RealAudio 14.4) - Second Half (RealAudio 14.4) Are banks just covering expenses and making a reasonable profit, or are they taking advantage of people who aren't paying close attention to the charges they incur and find it hard to take their business elsewhere?
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