Financial Update (April-June 2001)
Retail Banking Fees
Study Highlights Institutions’ Fees
he Federal Reserve Board recently published an article reviewing the results of its annual survey of the fees depository institutions charge their customers. The article, which examines the 1994–99 period, reviews charges for checking and savings accounts, automated teller machine (ATM) transactions and other retail services.
The article details several significant findings.
The Federal Reserve has conducted the survey since 1989, when Congress asked the Fed to report annually on changes in the availability of retail banking services and the level of associated fees. At that time, Congress was concerned that new assessment rules for depository institutions would likely cause institutions to pay more for deposit insurance, in turn prompting them to increase fees for their services or decrease services to offset these higher costs.
For the complete article detailing the survey’s findings, see the Federal Reserve Board’s Web site at www.federalreserve.gov/pubs/bulletin/2001/01bulletin.htm#jan.