According to bankrate.com several Dallas banks have raised their rates ... again... in some cases by as much as 150%.
For interest bearing accounts, both Bank of America and BBVA Compass raised the minimum balance to avoid fees by at least 100%. Bank Of America increased their minimum balance from $5,000 to a new minimum of $10,000. Likewise BBVA Compass raised their minimums 150% going from $2,000 to a new minimum of $5,000. It appears they were just making moves other large banks already have, such as Chase Bank's minimum balance to avoid fees at $15,000 and Wells Fargo topping the list at $25,000.
Comerica Bank, while leaving their minimum balance for interest bearing accounts at $2,500 did raise their monthly fees by 25% from a $12 monthly fee just three months ago to a new monthly fee of $16. This new fee is still lower than Chase and Bank of America who both charge $25 a month. Wells Fargo tops the list again with a monthly fee of $30.
There were also increases in non-interest bearing accounts. Wells Fargo raised their monthly fees by 80% from $5 three months ago to a current monthly fee of $9. Comerica Bank literally doubled their fees from a $5 fee to a new monthly fee of $10. Much like the movement for interest bearing accounts, it seems that Wells Fargo and Comerica were just playing catch up to the already larger monthly fees posted by Chase, Bank of America and BBVA Compass, all of which have monthly fees of $12 or more.
The overdraft fees charged by all banks did not increase,... yet.
These rate increases are coming at a time when many people can least absorb them. As banks continue to find ways to stave off losses, the lower income family gets squeezed.
The Cash Management Card will help to alleviate some of the pain. You can use our card for less than $5.50 per month. This gives you access to all of your money, the ability to shop online, pay bills online, with free unlimited POS purchases and free unlimited POS cash back... and with NO OVERDRAFT FEES.
