Bank Fees – SunTrust Bank Highest
It appears SunTrust Bank charges the highest fees according to the Financial Times. The FT reports in part,
The highest overdraft fees were charged by the largest banks, said Mr Moebs. At banks with assets greater than $50bn – a group including Citigroup, Bank of America, JPMorgan Chase and Wells Fargo – the median overdraft fee is set at $33.
At Bank of America, a customer overdrawn by as little as $6 could trigger a $35 penalty. If the customer does not realize they have a negative balance and continue spending, they could incur that fee as many as 10 times in a single day, for a total of $350. Failing to repay the overdraft within a few days results in an additional $35 penalty.
Bank of America said that the bank was “committed to ensuring that our fees are transparent and predictable. We have a range of tools and services to give customers more control over their accounts and to prevent these fees”.
Chase has tiered overdraft fees – the first overdraft within a 12-month period is charged at $25, the second to fourth at $32 and the fifth at $35.
Chase declined to comment.
SunTrust Bank charges the highest overdraft fee for a single overdraft at $36, according to the Consumer Federation of America while Citizens Bank levies a $39 fee after three overdraft items and follows with two separate “sustained overdraft fees” for repeat offenders.
SunTrust said it offered waivers and discounts as well as overdraft protection services that made it easy for customers to avoid those fees.
In lieu of all the bank bailouts each of these banks took from the American people, you would think they would waive the overdraft fees.
See more about bank fees here.
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