The banks of America are breaking new ground every day in the science of nickel-and-diming consumers with fees that start from the second you open an account to the moment you angrily close your account… only to move it to another bank with a different set of fees. But since there are so many ways in which financial institutions can bleed your account dry, the folks at CNN Money have come up with their list of the most annoying fees.
Anthem Blue Cross, along with its parent company, perennial Worst Company In America contender WellPoint, is known for many things — trying to jack up rates on policyholders by upward of 30%, practicing rescission on breast cancer patients, and leaking customers’ credit card information online. Basically everything except for providing quality health insurance. You can soon add another item to Anthem’s long list of qualifications when it stops allowing credit card payments, except for those willing to pay a $15 convenience fee.
After nearly two months, Chase has finally stopped charging exorbitant ATM fees to non-customers in Illinois and Texas. But that doesn’t mean the fees won’t be back soon.
The main reason that JPMorgan Chase and other big banks have given for things like $5 ATM fees and prohibitive caps on debit card purchases is a soon-to-be-enacted bit of legislation known as the Durbin Amendment, which limits the amount of money banks can make off of interchange fees, the amount they charge retailers for each debit card transaction. Chase CEO Jamie Dimon has called the laws “price fixing at its worst” and “downright idiotic.” Now Dick Durbin, the Illinois senator whose name graces the legislation, has come out swinging at Dimon, telling the bank exec to quit whining and enjoy being profitable.
You can almost imagine the moment when some executive at the MGM Grand in Las Vegas was walking by the check-in counter and heard an employee ask a guest, “Will that be smoking or non-smoking?” And in that moment, yet another idea for a tack-on fee was born.
In an attempt to alleviate the annoyance of checked baggage fees, all while drumming up some business, Holiday Inn — along with other IHG-brand hotels — will pay up to $50 of your fees if you book a weekend stay with your Visa card.
A newly released study shows that airlines around the globe are raking in cash from ancillary revenue like baggage fees. Worldwide, carriers collected $13.5 billion in fees last year, an increase of 43% over the previous year. And sitting high atop that pile was United Airlines.