Sunday, March 23, 2008

Banks are Robbing Us Blind

Bank fees, something we're all familiar with, generate lots of revenue for the banking industry, and as the fees multiply and become more expensive, it is also getting harder to get them reversed. I thought the banking industry was "robbing" us, but were doing so under the law. Not so, says the GAO.

Lack of a clear and conspicuous fee schedule violates the 1991 Truth in Savings Act and Federal Reserve Regulation DD. But while banking regulators cited firms for ignoring fee disclosure rules 1,674 times between 2002 and 2006, the GAO found that significant consequences for violations are rare. Only twice did regulators undertake formal enforcement actions.

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