I recently read an article in the Huffington Post (motto: a unique blend of journalism and snarky comments) concerning what the author, Mark Sunshine, considered to be a bank fee gone nuts. He lambasted a bank for charging a foreign ATM fee—comparing it to charging consumers for not using the bank.
Besides having one of the silliest last names I’ve heard since my high-school physical education instructor (Mr. Jim Teacher), Sunshine’s revelation was a bit off the mark. As you know, a foreign ATM fee is common and offsets charges paid to the ATM owner.
But Sunshine got me thinking that the average consumer is about as observant as a teenage boy in a room full of chores. Specifically, make it small and obscure and nobody will notice.
So what kinds of fees could a diabolical financial institution come up with? Consider these:
If members see value in a service with a fee, generally you won’t hear much flack. But charges based on things members don’t do—like not using an account or activating a card—elicit the greatest negative reactions…and bad press from Mr. Sunshine.