fees talk

Many banks have started charging customers a fee, some as high as $5 if you use their human teller. Some banks will allow you a person-to-person contact once a month. This was a simple business decision made by management to encourage customers to use electronic banking services such as ATMs and telephone banking. This move caused quite an annoyance to many bank customers. The national media feasted on the event and created animosity between customers who remember the way things used to be popular and those who surf the net, need it in a hurry, “you can’t do that faster.”

Banks say they have learned that automation, computerization and electronic banking, while intimidating to many, are not only profitable but more efficient and foolproof than ordinary human tellers.

“As many of us refuse to deposit our paycheck, withdraw money, or make a loan payment through the ATM, banks are forced to raise fees because it costs too much money to keep paying a human labor for tasks that could be executed electronically. Says Mark Webb, chief financial officer of First National Bank.

This has created an $18 billion problem that consumers failed to recognize. Online, automated, phone, electronic banking, whatever you want to call it, misleads and even encourages customers to review their paper statements and reconcile their accounts every month. I would go so far as to say that the customer “can’t do that any faster” doesn’t even open their monthly paper statement.

This leaves banks with the perfect opportunity for unethical and unfair business practices. I’m sure at this point you’re wondering how. As you may know if you are following my research on bank fees, I am about to tell you.

By not opening your paper statement, you miss out on rummaging around your house for your grandmother’s reading magnifier (the magnifying glass for you youngsters) and reading those slippery, thin little inserts with bank changes in them. procedures of your bank. Such as rate increases. By shoving electronic banking down your throat, they also encourage you to simply “check your balance” every day and go from there. In fact, I called a bank about fee issues and my inability to keep up with lightning fast deductions from your bank account, and was told by a teller “don’t check your balance online every morning.”

I’ll stick with the “the way things used to be” approach for as long as I can.