Big banks

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For example, the deposit base at in Orlandpo hasgrown 2.4 percent this year afterd remaining flat in 2008, said Richard Simonton, president and CEO. “If seems some Central Floridians are dissatisfied with their whichwe haven’t seen in a long Further, Insight Financial’s credit card businesas grew 11 percent this year, to 10,00o cardholders. “That’s more than we would’ve expected,” he said.
Although the connection betweenm increased business for smaller institutions and highe fees at large ones is hardto “we’ve definitely seen a contraction in said Scott Talbott, spokesman for the Financial Services which represents the nation’s largest lenders. “Customers can object or go to ­another institution.” In big banks are caught in a bind. Congress’s new rulezs on credit cards restrict the fees banksx impose on borrowers who excee d their credit limits and ban increased feeson ­existing Faced with less return on the credi they advance, banks are limiting credir lines to reduce their Banking experts said new annual card fees and shorter payment grace periods could follow as banks try to increases income.
Some large banks also are adding feesfor overdrafts, fund transferds and ­foreign transactions. Glenn Schechter, directoer of credit card services within St. said tighter credit is prompting more business forcreditr unions. His company represents 500 credit unions that offercredit cards. “Credirt unions typically don’t offer credit cards to be in the credigtcard business. But this is a greayt way to ­attract members.
” Credit which are nonprofit businesses, can’t charge more than 18 percenf interest on credit Though most never dabbled in the teaser rates used by large banks toattract customers, Schechte r said if large banks begi n dropping credit card customers, people likel y will move to credit Chris Yancy, president of ’s Central Florida division, said community and regiona l lenders also will benefit as larger banks scale back crediy card business and raise fees on other accounts. “What’s going on ­creates opportunities.
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