Q&A: New Structure for Bank Fees

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The bank has imposed a complex new fee formula and reader wonders who benefits.

Q – My bank is changing the way they charge fee-based accounts. Currently they charge a fixed percentage calculated monthly. Their ‘new model’ charges different percentages for different types of investments and calculates it daily, charging monthly. I am assured I won’t be charged more than I am currently. Who benefits here? I am guessing not me. – C.W.

A – Sounds like a very complicated formula. The only way to know who benefits is to find out the dollar amount you were paying before the switch and the new dollar amount you are paying now. Ask the bank to provide that information to you. – G.P.

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