TD Bank adds $9 savings account fee, hikes others

[Javaman]

http://money.cnn.com/2011/11/02/pf/td_bank_fee/index.htm?iid=HP_LN

NEW YORK (CNNMoney) -- As other banks recoil from the customer wrath they faced after attempting to introduce debit card fees, TD Bank is rolling out a brand new fee and hiking others.

Starting in December, TD Bank (TD) savings account customers who exceed six transactions in a billing cycle will pay a $9 fee each time they take money out of their account. Transactions include online transfers from their savings account to other accounts, as well as phone and debit card withdrawals.

Citing a federal rule known as Regulation D, which limits the number of transactions customers can make from their savings accounts to six, other banks including Bank of America (BAC, Fortune 500) and Wells Fargo (WFC, Fortune 500) already have similar fees in place.

According to the regulation, after six savings account transactions it begins to costs the banks money. So TD Bank says it will begin charging customers instead of eating the cost itself, a spokeswoman said.

more at link...

[ejpoeta]

1. i wonder how that will play out for them. i guess at least it is savings account

and not checking. but still. how are they losing money i wonder.

[nc4bo]

2. But but but

I thought customers were doing banks a favor by making their cash available for the banks to use.

Isn't that a privilege? Maybe I got it all wrong.

[pinboy3niner]

3. The story has a link to 7 banks that are still awesome:

http://money.cnn.com/galleries/2011/pf/1110/gallery.best_banks_checking/index.html

[TBF]

5. We use ING for savings -

love them.

[dtexdem]

4. Hey, it's easier to close a savings account than a checking account:

not all those automatic-payment plans to deal with.

So the next big thing should be: CLOSE YOUR BIG-BANK SLAVINGS ACCOUNT and save your money at a CU or a small local bank.