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Thursday, October 9, 2008

Bank of America, Citigroup and JP Morgan Chase to Raise Fees

Oct 09, 2008

The sale of Wachovia's banking operations and other assets to Citigroup on Monday leaves the nation with three only megabanks to set the rules: Bank of America, Citigroup and JP Morgan Chase

For customers of those institutions , the consolidation may result in higher fees on everything from checking accounts to bounced checks and overdrafts, and lower interest-rate yields on deposit accounts, banking experts said.

Loan availability also remains in question , as liquidity won’t return to mortgage-backed securities in the near term after the bailout plan passed through Congress.

List of Mortgage Banks That Have Collapsed

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