With the 53rd U.S. bank failure having happened just a couple of days ago, it is no secret that banks across the country are struggling with loans that cannot be repaid and investments that never pan out. Many banks across the country are trying to make up the difference by raising fees here and there to make up the difference.
 
You may have already noticed that ATM fees are up, especially those that banks charge you if you use try to withdraw money from a different bank than the one that owns the ATM machine. Overdraft fees have also gone up …read more

I remember a couple of years ago when all the rage was getting a free iPod when you opened a checking account. Now, thanks to the economy, banks are offering cold, hard cash. When my auto loan statement came in the mail today, it was accompanied by a special offer: Open a Chase (or WaMu) checking account, and get $125 free. Of course, there are limitations to this special offer:

The account must be opened with $100 not connected to Chase in any way.
I have to set up direct deposit for payroll, pension, Social Security or government benefits within 60 days …read more

Saying that banks want you to overdraft your checking account is like saying that credit card companies don’t want you to pay off your balances. It makes sense, but it’s not terribly obvious. Mainly because we think that banks would like to reward responsible behavior. The more truthful assessment, however, is that banks would much prefer to punish you for financial mistakes. They make so much more money that way.
The Washington Post’s Michelle Singletary (hat tip Miki at MAPping Company Success) reports on the lucrative nature of overdraft protection on checking accounts:
Many banks and credit unions automatically enroll customers for …read more

Where can you get a 6% return on your cash? Probably not in a CD or a high-yield online savings account. Increasingly, the answer to going beyond mere capital preservation is to look local. Some regional and local banks and credit unions offer so-called rewards checking accounts that offer returns of between 3% and 6%. In this economy, where the big guys are offering cash yields of something closer to 2% for “high-yield” savings accounts, that’s nothing to sneeze at.
Of course, many of these rewards checking accounts limit your total yearly yield, and you will have to maintain a minimum …read more