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Bank Fees: Are Corporations Seeing New Fees?

Scott Gunn's Profile

We have all seen the great "pushback" from consumers as banks have tried to recover lost fee revenue streams in the form of debit card fees (almost pure profit) to their customers.  

I wanted to see if people were seeing new fees on their corporate bank fee analysis statements. The encryption code to understand these fees is complex enough without banks trying to replace lost revenue streams with "new fees".

Unfortunately, for larger firms the threat of moving to a community bank may not "hold water", but regional banks are becoming more of an option as they increase functionality and sometimes offer a "higher touch" level of customer service.

Answers

Bryan Frey
Title: VP Finance/Corp Controller
Company:
(VP Finance/Corp Controller, ) |

I have seen more fees creep in. They seem ridiculous for a company banking millions per year. $35 here, $15 there. They have not yet been enough for me to leave, but they are definitely making me angry. What really tees me off is the lack of credit, though. My company has been with one of the top 3 banks for a few years now and has literally put millions through the bank each year (and hold high average balances), yet they still max our corporate credit cards out at $10K. With all the online stuff going on now, we process more via credit card than ever before and this means i have to clear out our CCC 2-3 times each month. What a pain. I'm now looking for the least excuse to leave this bank. I can't go to some credit union, but I will find an alternative!

Chris Lotz
Title: Chief Financial Officer
Company: Qualigen, Inc.
(Chief Financial Officer, Qualigen, Inc.) |

Try American Express for corporate cards. I have found them to be much more generous with lines of credit. Also, if you do lots of foreign wires, I have found their fees and exchange rates to be better than the banks.

Simon Westbrook
Title: CFO
Company: Aargo Inc.
( CFO, Aargo Inc.) |

If you send international wire transfers from your bank, watch out for an increase in wire fees. Our bank just increased them from $30 to $45!

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