My bank has just raised its fees. The stop-payment fee has risen 25%, to $25. The incoming wire transfer fee is up 20%, from $10 to $12. The bounced-check fee is up 10%, from $30 to $33.
Bank of America
According to Bill Hardekopf of LowCards.com, "Credit card issuers continue to increase their rates and fees, despite [their practices] being investigated by Congress just four months ago."
For example, Hardekopf reported that Discover Financial Services
It doesn't end there. Lots of rates and fees are rising, and as each bank collects more, another bank will decide to do the same thing -- after all, why leave money that can be taken on the table? Look at universal default -- a practice (under attack, fortunately) in which a card issuer can whack you with a steep interest rate all of a sudden if you're late paying some other bill.
I listed some banks' default rates last year -- American Express
When Congress was looking into practices in the credit card industry, it was calling for reforms. Here's hoping Congress doesn't drop this ball. Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee, said, "I would like to put the credit card industry, issuing banks, and card associations on notice. ... If you currently engage in any business practice that you would be ashamed to discuss before this Committee, I would strongly encourage you to cease and desist that practice."
You can learn much more about the surprisingly interesting credit card industry in our Credit Center.
Longtime Fool contributor Selena Maranjian owns shares of Bank of America. Bank of America and JPMorgan Chase are Motley Fool Income Investor recommendations. Discover Financial Services is a Motley Fool Inside Value recommendation. Try any of our investing services free for 30 days. The Motley Fool is Fools writing for Fools.