In recent months, we have all see an avalanche of new and increased fees coming from the banking and financial service industry. Anyone who has a charge card, brokerage account, or an account at another bank knows what we are talking about. Many Banks are scrambling to increase profitability by charging what we call 'nuisance fees'. This has caught the attention of lawmakers in Washington and there is a move to significantly reduce banking fees. While this will be good for the consumer in the short run, a predictable result of this action will be a reduction in branch systems and account availability over time.
We have been careful not to base our banking model on nuisance fees. We do not believe they are fair and they tend to especially impact lower income people. Through legislative action, the industry will be forced to reduce these fees and, as a result, banking services will become less available in our society.
Read more, article: Consumer Fees: The Hits Keep Coming from American Banker.