AMERICAN FINANCIAL REPORTS BANKS TAKE ADVANTAGE OF THE AVERAGE CONSUMER

American Financial experts provide financial services for a growing number of American families struggling to stay above water in these challenging economic times. American Financial reports that consumer interest rates have been rising steadily. At the same time, the value of homes and other assets keep plummeting.

American Financial receives many calls and inquiries from hard working Americans that are facing mounting debt and evaporating assets. When the economy started slipping a few years ago, some of the largest banks implementing unfair and hidden charges that took advantage of some of their hardest working customers. The federal government eventually stepped in, passing legislation to block these unfair practices. But in the end, notes American Financial, the damage had already been done.

American Financial explains that banks are dealing with today’s problematic economy by increasing checking account fees to unprecedented highs. American Financial reports that banks like Citibank have added an “overdraft protection transfer fee,” which charges customers for transferring money from their savings account to cover a shortage in their checking. This service and many others used to be free of charge. By filling in the nooks and crannies of their banking system with extra fees, banks plan to continue profiting even as consumers are losing jobs and homes.

Nearly all of the major banks have increased their interest rates, minimum balances, and ATM fees also. American Financial explains that this sets up a situation perfectly suited to nickel-and-diming customers that are not observant and conscientious about their accounts. With this new generation of checking-account fees, ATM charges and overdraft protection fees, says American Financial, monthly service fees for consumer banking are at an all time high.

Unfortunately, according to American Financial, these methods may be irritating and draining but they are perfectly legal. To counter these subtle banking tricks, American Financial assists clients in formulating good money management practices. In this way, American Financial works to implement strategies that keep banks from chipping away at their clients’ savings.