Money has become such a nuisance for banks! Even after years of lean times, big U.S. banks are coming under new pressure to cut costs…surprise, surprise..But management teams are finding some expenses simply won’t budge – like the $1 billion a year it costs Bank of America Corporation to shuffle papers around and transport money in armored trucks.
There are other stubborn costs, too – ranging from mailing paper account statements to replacing lost credit cards and repairing broken ATMs…it all adds up. But even though banks are trying to switch to online and mobile banking it’s becoming frustrating as big banks such as JP Morgan had to higher tellers to deal with customer complaints.
Have you noticed all the fees that are coming from your bank? Be sure to check your monthly statements every month to make sure you aren’t being charged maintenance fees. These could be anywhere from $5-20 a month. For more be sure to check out the video above!