An article that recently appeared in USA Today proclaims that "Consumers may remember 2011 as the year of the failed fee."  According to the article:

Bank of America and other banks tried to charge consumers a monthly fee for using their debit cards. As the year ended, Verizon announced a $2 fee for one-time bill payments. Social-media uprisings forced the companies to rescind the fees.  But consumers haven't seen the end of fees, particularly from banks, experts say. A regulation that took effect Oct. 1 slashed fees that banks can charge retailers when consumers use their debit cards, and financial institutions are expected to continue to look for ways to recoup the lost revenue.

Big banks and other sellers of consumer goods and services' efforts to recoup "lost revenue" through excessive, unfair, or nondisclosed fees is nothing new.  Several banks are still being held accountable for their unfair overdraft practices from the last decade, and our law firm is leading the effort to hold Bank of America accountable for its failure to disclose lender paid mortgage insurance while charging its customers for it under its No Fee Mortgage Plus product.

Whatever the practice may be, now, more than ever, consumers will need to scrupulously review their bank statements, mortgage statements, phone bills, and a host of other financial statements to make sure they aren't being nickled and dimed to death by fees.  After all, if your bank is watching your money, shouldn't you?

Blue Stephens & Fellers LLP was founded in 1976, and is based in Raleigh, North Carolina.  Our lawyers are commercial litigators who have significant experience in prosecuting consumer protection claims.  If you believe that you have been charged unfair fees in connection with any consumer transaction, and your experience is not isolated, please share your story with us.  You can reach us at (919) 833-1931 or send e-mail to info@bluestephens.com.