Bank Fees Associated With Maintaining Depository Checking And Credit Card Acco

Cover Bank Fees Associated With Maintaining Depository Checking And Credit Card Acco
Bank Fees Associated With Maintaining Depository Checking And Credit Card Acco
Finance United States Congress House Committee On Banki
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DC 20515 ALFRED A McCANDLCSS CALIFORNIA MICHAEL CASTLE. DELAWARE PETER KING NEW TORK DESORAH PHVCE OMICJ JOHN UNDER OEOHGA JOE KNOLLENRERC MICHIGAN DOUG bEREUTEn NERRASKA CRAIG THOMAS WTOMING RICK LA210 NEW toRk ROD GRAMS MINNESOTA SPENCER 6ACHUS HI A1. A6AMA RICHARD H BAAER LOUISIANA BERNARD SANDERS VERMONT (207U26-B872 OPENING STATEMENT OF REPRESENTATIVE JOSEPH P. KENNEDY II (D. - MA) AT HEARING ON BANK FEES JUNE 22, 1994 THIS MORNING, THE SUBCOMMITTEE EXAMINES RECENT TRENDS IN THE FEES CHARG...ED TO DEPOSITORS BY BANKS, THRIFTS, AND CREDIT UNIONS.
THESE FEES ARE GROWING AT AN EXPLOSIVE RATE. TODAY, LENDERS ARE CHARGING HIGHER FEES FOR MORE SERVICES, EVEN THOUGH THEY ARE ENJOYING RECORD PROFITS AND LOWER COSTS THROUGH TECHNOLOGICAL INNOVATION.
LAST YEAR, BANKS EARNED 15. 2 BILLION DOLLARS ON FEES ALONE. THAT'S AN INCREASE OF ALMOST 50% FROM 4 YEARS EARLIER, AND AN INCREASE OF OVER 100% FROM 1985.
MORE AND MORE, BANKS ARE DEPENDING ON THESE FEES TO BOOST THEIR BOTTOM LINE. TEN YEARS AGO, FEES COMPRISED ABOUT 25% OF BANKS' TOTAL INCOME.


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