5 Fees You Might Be Paying Your Bank That You Don’t Even Know About
You’re probably aware that your bank charges fees for insufficient funds which is why we put together the 5 fees you might be paying your banking without knowing. Charging for insufficient funds has been a standard practice for many years. Most people know how to guard against getting fined for writing a check or using their debit card over the limit of funds available. But there are a lot of hidden fees that your bank might be charging. They’re not technically “hidden”. You can find out about these fees if you read through all of the information carefully and ask the right questions. The problem is that many people don’t ask about fees and they may not even know they can be charged for certain services.
5 Fees You Might Be Paying Your Bank Without Knowing
Many customers don’t realize exactly what fees their bank is charging until they notice the amount deducted. Banks do publish what their policies are but those documents are often overlooked by people. If you haven’t paid attention to the fees your bank is charging, here are a few things that can be on the list that you might not realize.
- Maintenance Fee. Your bank may be charging a maintenance fee for your checking or savings account. In most cases, banks set a minimum amount. If you dip under that amount in your accounts, they’ll charge you a monthly fee just for having your account open with them. That fee can add up to quite a bit so it pays to pay attention to their rules and keep your balance over their minimum.
- Paper Statements. If you’re still getting your monthly statements by mail, you may be getting charged for the service. Many banks charge to mail you a statement now and you can save the fee by using their online banking features or downloading your monthly statement online.
- Deposit Item Returned. You might not realize it but you can be charged a fee if you deposit a check in your account that bounces. This can seem unfair because you’re not at fault for someone else’s bad bookkeeping. At the same time, it helps to pay attention to the fees so that you can recoup that money from the person who bounced the check.
- Replacement Debit Card. If you’ve lost or damaged your debit card, you may need to pay a fee to replace it.
- Fee For Foreign Transactions. Some banks will charge a fee for any transaction that takes place in a foreign country. This is something you should verify before using your credit card on any foreign transactions.
Are the Fees You Might Be Paying Your Bank Necessary?
On the surface, it might seem like banks are just trying to take advantage of their customers. In reality, banks are for profit businesses. Things like creating new debit cards and protecting customers from fraud in foreign countries cost the bank money. It makes sense that those expenses are passed on to the consumer. This is one reason that Credit Unions have become increasingly popular as a choice. Credit Unions are not for profit businesses, which means they don’t have to pay state and federal taxes and those savings are passed onto customers. They can often offer lower or fewer fees and more savings.
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