Consumers can expect a number of new bank fees in 2012.   The 2012 US Banking Sector Outlook recently released a new report which shows that the New Year is seen by banks as an opportunity to increase fees and profits in 2012. Across the USA financial institutions are reacting to the new federal regulations and restrictions put in place by the US Government on fees charged. There is a mad scramble by the banks to tack on new fees before the regulations take effect, and this has an enormous impact on consumers who are weary of the economic recession.

In 2011 the Pew Charitable Trust released a report examining the policies and fees in place at 10 of the largest financial institutions  across the USA. This report showed that on average there was an astounding number and types of fees charged, 49 in all. These fees ranged in price from less than $2 up to $175 or more. Even this is not enough for the banks, who want a bigger profit. The Pew report estimated that Americans would pay more than $35 billion dollars in 2012 alone just in overdraft fees. The experts in finance at Bloomberg disagree, and estimate these fees at around $16 million instead.

There are many other fees charged by financial institutions as well. Fees for returned checks, fees to stop payment, and other associated fees charged can average between $12 and $30 minimum. This means that the banks will increase the costs of the fees charged in an attempt to inflate profits even further, and also arrange for customers to pay more fees with increase costs.

“In 2012 consumers can expect to see higher minimum balance requirements, and an ongoing push to increase customers’ credit card spending. This is according to a “2012 U.S. Banking Sector Outlook” report from Trepp, an analytics company that provides information to the banking industry. Other industry analysts predict that some banks could raise overdraft fees from $35 to a new high of $40, and that more institutions will increase monthly maintenance fees on basic checking accounts to between $12 and $15. Over the past three years various new regulations under the Dodd-Frank Act and the Credit Card Act have reined in certain aggressive fee practices. More regulations in 2012 are expected to further hamper the ability of the banks to make big profits off the basic banking activities of consumers.” This statement was made by Catherine New of the Huffington Post.

More consumers will face pressure from financial institutions to create an account bundle, so that the consumer has multiple accounts with the same bank in exchange foe maintenance and monthly fee waivers. Banks view consumers with multiple accounts as more likely to stay over the long term, and more likely to be profitable for the bank. This tactic can be very expensive for consumers though.

If you are one of the many people facing outrageous bank fees, foreclosure, long term unemployment, or facing economic hardship there is help available. A qualified bankruptcy attorney can help you get your finances under control again, and get a fresh start when you need it most. The bankruptcy attorneys at West & Hurley can help provide a free debt consolidation consultation to help you find the right answer for your unique debt problems and circumstances. Visit http://www.debtfreeohio.com or call (513)771-8700 or (937)748-1749 to get the answers you want, and the financial relief you are looking for.