Banking Fees On The Rise - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Banking Fees On The Rise

"If you write a check and you don't have sufficient funds to cover the check that will automatically trigger this line of credit that money comes into your account and they pay the check for you, " said Bill Hall with Edward Jones Investments "If you write a check and you don't have sufficient funds to cover the check that will automatically trigger this line of credit that money comes into your account and they pay the check for you, " said Bill Hall with Edward Jones Investments

Expect to pay more next time you use overdraft protection at Amarillo National Bank.

The fee is currently seventeen dollars and it's going up to nineteen dollars. That could mean hundreds of dollars in charges to bank customers.

A letter from the bank is currently circulating and it says the fee increase will begin October 1st.

"If you write a check and you don't have sufficient funds to cover the check that will automatically trigger this line of credit that money comes into your account and they pay the check for you, " said Bill Hall a local Financial Advisor.

Which can be helpful when an emergency arises, but hurtful when you aren't keeping track of your funds and a pizza bill for $20 comes through your account.

"Not only have you triggered and NSF fee of $19 or $28 dollars or whatever your bank you use charges, also sets up a credit card balance that you are having to pay interest on and you have to pay that money back," Hall adds.

One credit counselor says people get so far in debt with overdraft fees, that they have to live on them because that's how long it takes to get caught up. From what Bill Hall told Newschannel banks can increase fees at anytime.

"There are no controls that I am aware of on how much a bank can charge you fees, but as a consumer you have the right to go from bank to bank to bank compare fees and choose those banks that provide you the services that you need for the least amount of money."

NewsChannel 10 called around, and Amarillo National has one of the lowest overdraft protection fees.  Fees are currently ranging from $16 to $35 in the panhandle region.

 

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