Bank Charges Are A Real Money Killer!
Some of the most difficult things for consumers to swallow are the various bank charges out there. If you arenít aware of them, you could be hit with various fees and charges every month that can wreak havoc on your finances. Are bank fees getting to you? Are you aware of what you are paying every month? Read on and weíll explore some of the nasty fees out there and what you can do about them!
Many banks charge for checking accounts and the way they assess these charges varies from bank to bank. Some examples include:
If your balance falls below a certain amount in any given month, youíll be charged , , even in monthly maintenance fees for that month!
If your account is overdrawn and you donít have an overdraft checking account plan in place, expect to be penalized or more per infraction. Whatís more, expect your credit rating to nosedive if this happens more than one time.
In some cases banks will even charge you money if you see a live teller! Yes, walk up to a teller to deposit your money and you could be charged or more per transaction. What the bank is really telling you is that they want you to use their ATM.
Some banks waive or reduce fees if you have a savings account with them that is linked to your checking account. Trouble is, most of these accounts pay a paltry 2 or 3 percent interest. In addition, the funds sitting in your checking account do not earn interest either.
If you use your ATM card at a machine that isnít part of your bankís network, plan on paying a fee to that separate network. In addition, your own bank pay charge you a fee for going out of network. Do you really want to pay 3 or 4 dollars just to get from a foreign ATM? I doubt that!
Instead of paying through the nose every month, consider switching your funds to another bank or to a credit union. One famous bank will allow you to open up a checking account for just and not charge you a monthly maintenance fee even if the funds drop to .01. Shop online for the best deal and check your current bank statement for unexplainable fees. Visit your local bank and ask them to reverse any spurious charges.
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