Be careful about your hidden checking account fees

We talked fees on credit card accounts for months. With the new credit card laws on the entry into force, banks are eager to add new fees that are not covered by the laws, and of course to raise interest rates.

Now it seems that is not enough. Banks add audit fees. With the monthly fee just for the privilege of having a checking account, new charges include new fees or higher fees for:

  • be discovered
  • remaining uncovered
  • Repeatedly overdrawing
  • Transfer money from another account
  • Using a debit card in a foreign country
  • Banks use their shareholders as an excuse for gouging their clients. The logic is that they must take care of their shareholders first. They say that, because unemployment increases, customers are more risky, so they need to charge higher fees to offset the risk.

However, consumers are not happy. After the government used taxpayer money to bail out banks, consumers should be a little better treatment. founder Michael Moebs services Moebs called a double whammy. He was quoted in USA Today as saying, “The US consumer has been asked a taxpayer to put up $ 700 billion, and how they get another blow to banks higher fees.

Customers who do not keep an eye on their current accounts could accumulate nearly $ 400 in costs in one day at some banks. Indeed, they have raised the number of overdraft fees per day from 5 to 10, and some banks charge $ 39 per overdraft.

Banks use a “more expensive” method of displaying the checks to accounts, so an accounting error from a few hundred dollars can be devastating. Say you made a $ 1,000 house payment and also made five small purchases, for a total of $ 100. You thought you started with $ 1,150 in the account and you still have $ 50 in the account, but you really had only $ 950.

Because the bank will process your first big payment, you will receive an overdraft charge on the 6 checks you have written that day. Had they applied small payments first, you would have had one charge overdraft.

If they are charging $ 39 per overdraft, you are now $ 234 further in the hole.

The message to consumers: Be sure to write all transactions by debit card, as it happens, because the lost revenue can cause costly errors. Check and re-check your calculations. Reconciling each bank statement as soon as it happens, to check for errors. And do not let yourself become uncovered.

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