JEFFERSON CITY -- It's summertime, and for many of us, that means hitting the road on vacation. But while you're away from home, don't forget to check your bank statements for overdraft fees for a bounced check.
During this down economy, fees are making big money for the banks.
It's something we're hearing more about, banks charging bigger late fees, more overdraft fees, and banks more reluctant to cut people a break.
But the truth is, the more accounts that fall into the red means more green for the banks.
KRCG News recently heard the story of a 26 year old who found out his "free" checking account is anything but.
He didn't know his account had gone into overdraft and continued using his debit card for small purchases, like lunch at Taco Bell, and a movie rental. There were13 purchases in all, but each time he used his card the bank charged a $35 fee.
So the 99 cent soft taco turned into a $35.99 cent taco.
It's called a continuous overdraft fee. It's a change from the past when banks used to just charge you just one fee a day or decline purchases.
Statistics show that fees now make up more than half of all national banks profits. And with banks losing a bundle with bad mortgages, it seems like fees are the new cash cow for banks.
It's also getting harder to haggle. In the case of the 26 year old, the bank would only refund about $100 back from the original $450 in fees. He tells us it's an expensive lesson learned.
TV Station Profiles & Public Inspection Files forKRCG