Tone-deaf to the lessons of Bank of America’s $5 fee debacle, TD Bank is trotting out a new $9 charge for each savings account withdrawal after customers exceed six monthly transactions (excluding deposits or ATM or teller withdrawals). The fee begins in December.
CNNMoney reports the charge isn’t outrageous because Wells Fargo and Bank of America also charge similar fees. The bank says the fee is necessary because an abundance of transactions begin to cost it money. The bank is also hiking other fees, including raising wire transfer costs from $10 to $15, certified checks from $4 to $8, money orders from $4 to $5 and stop-payment fees from $25 to $30.
Credit unions that don’t chip away at customers’ balances in such a manner should be happy with the bank’s moves.