No More Debit Card Fees. What Will The Banks Try Next? | Roland Martin Reports

No More Debit Card Fees. What Will The Banks Try Next?

Source: Blake Ellis / CNN Money

NEW YORK – Just because debit-card fees are out of the picture for now, don’t stop checking your bank statements.

Even though big banks like Bank of America (BACFortune 500), Chase (JPMFortune 500) and Wells Fargo (WFCFortune 500) canceled their plans to make billions of dollars by charging customers monthly fees for using their debit cards, there are plenty of other ways they can rake in extra revenue.

Hiking existing fees: To keep customers from revolting, banks are more likely to increase fees that already exist — everything from ATM fees to foreign exchange fees to paper statement fees — than to create new, headline-grabbing ones.

Checking account fees, for example, have already been on the rise, especially since the Federal Reserve took a significant slice of revenue away from banks by capping the fees they can charge retailers each time a customer swipes their debit card.

To read this article in its entirety visit CNN Money.