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Discounting of Bank Fees Hits Record

Forty-five percent of companies report discounts from list, Phoenix-Hecht says

By staff Writer | Updated on November 01, 2010

After a scary couple of years when even large companies clung to their bankers, it’s a new game these days. Loyalty is going out the window as companies look for ways to cut costs, and many corporate treasuries are going with whichever banks offer them the best service and the lowest fees.

According to the latest Blue Book of Bank Prices, just published by Phoenix-Hecht, listed bank service fees rose an average of just 2.2% in 2010, less than the 2009 consumer price index increase of 2.7%. That marks a big change from 2009, when listed bank fees jumped 3.6% even though CPI was close to zero in 2008. The 2010 result represents a return to normal, because over the last two decades prior to the recession, bank fee increases usually stuck close to the previous year’s CPI increase.

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