Remember when putting cash in the bank was a good way to save money? Now banks are asking customers to pay more money to keep their cash there.
Under pressure from costly new regulations, a weak economy, and near-zero interest rates, banks across Massachusetts and the country have come up with new and creative ways to squeeze profits from their depositors. Many, including Citizens Bank, charge customers extra to receive printed statements. Others, such as the community bank Salem Five, whack customers with a fee for closing relatively new accounts.