B of A to Pay $410M in Fee Lawsuit

Banks Explain Why Fewer Offer Free Checking

Wells Fargo Drops Gift Card Fees

Wells Fargo & Co. has eliminated monthly service fees and the expiration of funds loaded on Wells and Wachovia Visa gift cards, the Business Journal of Milwaukee reported.

WBA: Check with Bank on Overdraft Changes

The Wisconsin Bankers Association advised that customers should check with their bank to see how overdraft changes will be handled come Aug. 15. Read more at Channel3000.com.

ATM Fee Limit of 50 Cents Proposed

U.S. Sen. Tom Harkin (D-Iowa) introduced an amendment to the federal financial reform package that would cap ATM fees to 50 cents per transaction, the Small Business Times of Milwaukee reported.

Banks Develop Opt-In Overdraft Programs

Associated Bank, Bank Mutual and U.S. Bank are now working to develop opt-in overdraft programs by the July 1 deadline. Last November, the Federal Reserve Board ruled that financial institutions may no longer charge customers fees for overdrafts on one-time debit card purchases and ATM withdrawals unless the customer consents to an overdraft service. Read more in the Small Business Times of Milwaukee.

Associated Included in Class-Action Suit

A class action lawsuit filed Friday in U.S. District Court questions the way that Green Bay-based Associated Bank calculates and charges overdraft fees when customers use debit cards. Other banks in the lawsuit include bank of America, Citibank, JPMorgan Chase, Union Bank, U.S. Bank, Wachovia and Wells Fargo, the Wisconsin State Journal reported.

Informing Consumers About Overdraft Changes

“In the coming months, your bank or credit union will likely be contacting you to tell you about new rules that affect overdraft rules and fees,” begins a story from WKOW-TV in Madison.

Federal Law Brings Changes in Overdraft Fees

A check of local banks that provided information to the Wisconsin State Journal found a number of modest fee changes that some customers will face because of a change in federal law related to overdraft fees. Mike Petta, manager of the Verona branch of Capitol Bank, said he thinks smaller banks are trying to hold the line on fees. Read the article.

Avoid Income Tax Refund Loans, Article Advises

An article in the Sheboygan Press advises consumers to avoid income tax refund loans, as they were one of the “worst scams in Wisconsin” last year, according to the state Better Business Bureau. Last year Wisconsin taxpayers paid more than $32.5 million for these loans and associated fees, the paper reported.