Ridiculous Bank Fees to Watch Out For
Big banks have become notorious for making millions off of fees. We all know about the basic ones such as overdraft fees. We also know about the outrage that occurred when Bank of America tried to charge their customers $5 each month just for using their checking accounts.
However there are lots of fees you may not even notice if you don’t pay close attention. It may not seem like 2 or 3 bucks here and there is that much money, but over time this can really add up to a nice chunk of change.
The next time you get your bank statement keep an eye out for any strange fees. Particularly the ones mentioned below.
Protection Fee and Other Random Service Fees You Didn’t Ask For
I remember looking at my big bank credit card statement and seeing a new fee entitled “Protection Fee.” This was around $3.99 a month. This was a service that I just did not even remember asking for. In fact, I knew I didn’t which was what infuriated me.
Make sure to check your statements for random service fees that you never asked for. These are usually services the bank provides to it’s customers, however you must actually ask for them before they are impented. Unfortunately some of them are getting sneaky with these fees, so make sure to throughly look through your statements!
Big Deposit Fee
Imagine getting a nice check in the mail from your company or an awesome new client. Then imagine depositing it and seeing a chunk of it disappear thanks to a “Big Deposit” fee. If you’ve got a big deposit some banks will charge you for withholding it, a practice that became very common during the Recession.
Check Cashing Fee for Interlopers
Let’s say your paycheck comes from one bank but you’re a customer of another. Your bank may charge you a fee to cash it just because you’re an outsider. Think of it as a currency exchange fee, except with the same currency.
Double Overdraft Fees
Banks can often charge you for two overdraft fees in one by reordering transactions. Let’s say you have X amount of dollars in your account and you make 2 purchases that day. Banks will usually debit the higher purchase first, that way if that purchase puts you in the red you’ll get charged 2 overdraft fees for both purchases.
Banks are required to disclose all their fees. The problem lies in the fact that they aren’t disclosed as well as they should be and their own employees aren’t very well versed in the institution’s fee structure. That’s why you need to take a good look at your finances, do your research, and watch your statements like a hawk.