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N.Y. ICBSI CUs are option as banks raise fees
NEW YORK (9/17/10)--A New York affiliate for CBS mentioned credit unions as a low-cost option for consumers as banks raise fees. CBS said credit unions are an option “that may save you money” (Sept. 15). The story, “Banks Raising Fees to Combat New Regulations,” focused on banks raising their credit cards’ interest rates to generate revenues. The hike in rates is related to new credit card regulations that aim to prevent card companies from charging consumers excessive fees. Fees are a big problem, Kelli Grant of Smartmoney.com, told CBS. Free checking [at big banks] has basically disappeared, she noted. She also urged consumers to communicate with their financial institutions regarding fees. However, many credit unions continue to offer free checking.
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