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Mobile Banking Fees: Coming to Your Bank?

Technology can make life easier, but it doesn't necessarily make it cheaper. For proof, look at the recent wave of mobile banking apps.Nothing could be simpler than using your smartphone to manage your money. Today's mobile banking apps allow customers to transfer funds, receive account alerts and even deposit checks without ever stepping into a branch. However, some industry experts are saying that this convenient type of banking may soon come with a price tag.Mobile banking fees already in place at some banksAccording to a recent report in American Banker , it can cost banks from $1 million to $5 million to develop mobile apps. For bank executives looking at the bottom line, fees for mobile services may be an attractive way to recoup some of those costs.Some institutions have already rolled out fees for their mobile banking features. Beginning in December 2013, PNC will charge a monthly fee for its Virtual Wallet app, although the charge can be avoided if customers meet minimum balan...

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