BANK (FEE) ROBBERY

Customer charges grow to record levels

It just might be a sign of the devil — annual bank fees are now costing some weary customers an average of $666 a year.

Despite the consumer outrage and the strongest balance sheets in years, US banks are hauling in record revenues from rising overdraft and ATM fees, as well as higher maintenance charges on accounts, according to analysts reviewing the latest data.

And those analysts are shaking their heads.

As most bank stocks surge, and upcoming interest rate increases are expected to boost the banks’ bottom lines, some analysts had been anticipating a decline in bank fees, which have been compensating banks for loss of revenue streams due to regulations.

But the banks haven’t stopped. Total overdraft revenue for the top three banks surged from $5.1 billion in 2015 to $5.4 billion last year, a 6 percent rise, according to one study that looked at Chase, Wells Fargo and Bank of America.

A separate study last month said the trio earned some $6.4 billion last year from ATM and overdraft fees combined, almost $300 million more than in the previous year.

“It’s amazing to see a 6 percent increase in overdraft fees, especially given the scrutiny on all these fees they charge consum- ers,” Chris Britt, chief executive and co-founder of Chime, a nofrills bank account service, told The Post. “What’s unfortunate is that many people don’t even know they’re paying them.”

A sampling of average annual fees today: $665.57 at US Bancorp; $497.18 at Bank of America and $302.50 at Wells Fargo, according to Chime’s recently launched Bank Fee Finder tool.

In the past six months, overall fees on checking accounts jumped as the number of free checking accounts declined, according to banking site MoneyRates.com.

And what became clear is the typical American customer doesn’t have much chance avoiding a bank’s monthly maintenance fees. The average no-fee balance required is $11,469.25, a 32 percent jump in the past six months, which means smaller customers pay disproportionately more in fees, according to MoneyRates.com.

Richard Barrington, an analyst for MoneyRates.com, calls it a “vicious cycle” for small account holders.

Since there is little pushback by customers, US banks feel they have no compelling reason to relent on the high fees anytime soon, according to another bank expert.

Oliver Sommer, a former executive vice president at First Niagara Bank, said some banks, especially the largest, are keeping up these fees and charges, as consumers haven’t pulled their money in retaliation.

“Their economic models tell them the fees they are charging are what consumers are willing to pay for,” said Sommer, now a partner at the consulting firm River Group.

US bank fees for retail customers have been steadily rising since the end of the financial crisis. The median overdraft fee was $26 in 2009. Many banks today charge $35 per item.

A combination of regulatory re- forms and a squeeze on debit fees along with low interest rates have fueled the relentless surge in bank charges.

Sommer also attributes the fee-driven crusade to banks being uncertain about their overall financial future, despite their stocks hitting new 10-year peak last week — and so the banks, he notes, are loathe to reverse gear.

Barrington of MoneyRates.com said small account holders are getting hosed. “They have a small balance to begin with,” he said, “and it becomes impossible to grow or even maintain that balance if fees are taking too big a bite out of it.”

Mike Fusco, a Chase spokesman disputes the $265.41 listed as the average annual fee for their customers though he did not offer an alternative average number on behalf of the bank.

Wells Fargo says it “has not made any changes to our practices that would result in more or higher overdraft fees for customers.”

BofA had no comment.