News Release

Commissioner Holly C. Bakke

For Immediate Release:   June 30, 2003

For Further Information::  Mary Caffrey or Ellen Lovejoy - (609) 292-5064


TRENTON, N.J. - The Department of Banking and Insurance has conducted its fifth survey of banks and credit unions in New Jersey to determine what fees were being charged to consumers. Today, the Department releases its 2003 edition of the Consumer Guide to Bank and Credit Union Fees, a valuable resource for consumers who are shopping around for a new banking institution.

Banks and credit unions provide a wide variety of services and charge a wide variety of fees. In some institutions, a number of services are free, while others may charge a nominal fee. The Consumer Guide offers a breakdown of some of the common fees banks and credit unions charge their customers. It also includes the results of the Department's survey, as well as comparisons to previous survey findings.

The new Consumer Guide also includes tips and information about some of the financial accounts available to New Jersey residents, as well as how to register a complaint with the state and federal regulators of financial institutions.

H. Robert Tillman, Director of the Division of Banking, said "Whether you are shopping for a bank or credit union, I hope this guide gives you the tools you need to choose a financial institution that is right for you."

The Consumer Guide to Bank and Credit Union Fees is available on the Department's web site,, and in print format. For a copy, please call 1-800-446-SHOP (7467).