Your Wallet Just Got a Warning from Congressman Tom Kean Jr. About Banking Fees
Congressman Tom Kean Jr. is ringing the alarm on a new wave of banking fees that could hit your checking account harder than you expect. This week, Kean released a consumer alert citing recent data showing that overdraft and nonsufficient funds fees have quietly increased by an average of 12% since last spring, with some banks tacking on extra charges for digital wallet and Zelle-like transfers. "These new fees are specifically targeting customers who use mobile banking or instant payment features, which millions of us do every day," Kean stated in a press release. The biggest concern for your wallet? These stealthy fees often bury themselves in fine print or pop up automatically when you link a new app to your debit card. Kean is urging bank regulators to enforce a "mandatory 24-hour fee warning" for any new charge over $5. For now, the best defense is to check your monthly statements line by line and turn off "courtesy pay" overdraft options at your bank—because what they call courtesy could cost you $35 or more per swipe.