Bank Fees to Look Out For

Whether you’re looking to open up a new CD or a savings account with a bank, the bank has to make their money somehow and it usually comes from those pesky fees that are located in the fine print of your application.  To make it easier for you and me, I’m going to break down the top three fees that people generally overlook.

The overdraft fee

Ah yes, the overdraft fee.  This is the fee that all the banks love because this is where they can get a lot of money from you.  An overdraft fee is generally when you over spend on your checking account.  Let’s say you have $100 in your checking account.  You go out and blow $110 of it thinking that the other $100 check cleared making it a total of $200.  Well, if that check hasn’t cleared, your balance will be -$10.  On top of the -$10, the bank is going to charge you anywhere from $20 for the overdraft fee.

Lesson:  Always make sure you have money in your checking account.  Keep track of your spending!  The best place to do this generally is online.

Paper fees

The less work the bank has the do, the happier they are.  With the internet and the computer age, no one should be getting paper statements anymore.  Did you know that some banks actually charge you if you still want a paper bill?  Make sure your bank isn’t charging you for this service.  This will generally range anywhere from $5 and on.

Lesson:  Make sure you receive you statements electronically via e-mail or your bank account.

The last minute bill pay

Did you forget that you had to pay a bill and it was due tomorrow?  Don’t worry; the bank will be happy to send it tomorrow for an extra $15 or so.  Check and see what the bank charges if you need to get your money somewhere overnight.  You may find that sometimes it’s cheaper to send it yourself rather than the bank.

Lesson:  Don’t wait till the last minute to pay your bills.

No Comments »

No comments yet.

RSS feed for comments on this post. TrackBack URL

Leave a comment