Bank mergers and your savings

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NEW YORK (CNNMoney.com) -- Recent consolidation in the banking industry could be bad news for consumers. Here is what you need to know.

1. Be wary of fees

There are business costs with consolidation. And when banks consolidate, you could pay the price, experts say.

As usual, it's up to you, the consumer, to be wary.

The Public Interest Research Group suggests that when there are fewer banks, there are fewer choices for consumers.

2. Know the risks

If banks have higher costs - either from paying higher premiums into the FDIC or covering the costs of consolidation - that cost is passed on.

And you may look out for some things that could change according to Mike Moebs of economic research firm Moebs' Services.

You may see higher fees and higher interest rates on loans. You may get lower rates on your deposits. And your minimum balances on your accounts may be higher.

There is a precedent here. After the 1989 S&L Bailout, Congress required the Fed to track and report fee increases from 1990 to 2002.

Overdraft fees increased 45.5% from 1997 to 2002, according to Moebs' research.

3. Don't let your guard down

Make sure you read your bank statements.

Banks can change fees and terms for any time and for any reason. And we're not just talking about your bank account here.

Make sure you pay attention to what's happening with your credit cards too.

A lot of credit card issuers are increasing interest rates, cutting credit limits and shortening the time you have to get your bills in on time.