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An Inside Look at One Bank’s Schedule of Fees

Philip RyanbyPhilip Ryan
January 8, 2013
in Banking, Payments, Risk & Security
Reading Time: 1 min read
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Bank fees are much-discussed as a revenue source in the current low-interest rate environment. Bank of America, for example, serves as the public whipping boy whenever its fees catch the public’s attention, which has led that bank to be more careful when new fee structures are considered.

But though much discussed, banks’ schedules of fees are still often dark spots on the map. Consumers — even on the commercial side — usually don’t know about various fees until they appears on their bank statement.

To shine a light onto this, Bank Innovation has obtained the schedule of fees from a smaller bank and is publishing them here, without revealing the name of the bank in question. What we will tell you is that the bank is based in New York and has about $500 million of assets. In other words, this is just your run-of-the-mill small American bank.

fee_schedule_xfee_schedule2

 

Which fees seem egregious? Is $3.00 for a dormant account (inactive for 24 months) too much, or fair enough? $100 for account reconciliation — online? We’ll let you be the judge.

 

 

 

 

Tags: Bank of AmericaCapital & FundingfeesInside Lookpricing
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