Fees surge as banks hunt for revenue: Customers whose balances slip hit with $50 levy

The Boston Globe reports:

Many bank customers have long felt nickeled-and-dimed by fees imposed by financial institutions. But now some banks are demanding much bigger denominations.

The region’s largest banks are charging consumers as much as $50 a month if they do not maintain minimum balances or meet other requirements for certain high-end checking and savings accounts.

Citizens Bank charges customers $50 a month when the balance in a top-end money market account slips below $1,000. Sovereign Bank imposes fees of up to $30 a month, and Bank of America and TD Bank each charge $25 a month whenever customers fall short of minimum balance and other qualifications for some premium checking accounts.

“I haven’t seen anything like $50 a month before,’’ said Greg McBride, an analyst with Bankrate.com, a website that tracks bank fees and interest rates. “That’s a steep price to pay.’’

No word yet from Dick Durbin on this one.