Being a college student, I often times find it hard to manage my bank account along with the heavy load of college classes and maintaining a part-time job. Banks are feasting on young students and also many other citizens who also have this problem. A study has shown that banks are making it nearly impossible for consumers to gain insight regarding the various fees associated with checking accounts and savings accounts. Overdraft fees have risen more than 11% since 2000, as banks are trying to make up for current losses due to declines in the economy such as the one we are experiencing presently. A study was conducted that showed that more than 1/5 of the 150 different financial institutions made it nearly impossible to gain terms of service and account information.
You don’t have to buy a car before you find out how many miles per gallon it gets, and you don’t have to buy a house before you find out what your taxes will be. Why should consumers be forced to walk blindly into the terms and conditions of a bank account?
The various fees have accounted for more than $36 billion which is up from $24.4 billion in 2000. Banks have also been shown to have be raising ATM withdrawal fees for pulling out money by non-account holders. Legislation needs to be passed to make the everyday consumer well aware of the various fees and terms of use provided by the different financial institutions.
