The Fees Banks Charge Are Costing You Plenty


Ever opened up your bank statement to find that various fees charged by the bank have reduced your account balance? Many people have and often have no idea why they were even charged the fee in the first place. To make money off of their account holders, many banks institute a wide variety of fees triggered by certain actions that a portion of their account holders performs regularly. These fees can end up costing the average account holder hundreds of dollars in additional fees annually.

Check Your Account Statement

The statement sent to you outlining the activity on your account for the previous month will also contain documentation of any fees or additional charges that were levied against the account. Many creative bank fees have been creeping into account statements in recent years, including ones for account-balance inquires or online imaging. If you see a fee on your bank statement that you do not understand, be sure to research the fee through the bank’s website or call a banking representative to have them explain the fee to you. If you believe that you have been unfairly charged, dispute the fee and ask the banking representative to remove it from your account.

Be Diligent In Avoiding Bank Fees

Most bank fees are easily avoidable if you are diligent about steering clear of them. Each fee has a specific set of circumstances that must occur for you to be charged the fee. Learn what these circumstances are and avoid performing any action that may trigger a fee. For example, if your bank charges you $3 every time you use an out of network ATM, plan your withdrawals so that you are always extracting money from an ATM that will not charge you a fee.

Strange Fees To Watch Out For

Fees For Using A Human Teller – Many banks are now charging customers if they use a bank teller more often than specified in the account agreement. Customers that use free online checking accounts are the ones subjected to these fees most often, as their account agreement generally contains a clause saying the fees will be charged if a human teller is used at all to access the account.

Reward Redemption Charges – A few banking institutions have made the decision to charge their customers a fee for redeeming their reward points. Some even have an annual program fee that is charged on top of the redemption fees. In many cases, you will pay more in fees and interest accumulating the points than the item you are redeeming the points for is worth. There are rewards programs out there with minimal fees that can be used if you really enjoy earning rewards for spending money.

Join our newsletter


Subscribe to get the latest "Engineer Your Finances" content via email.

Powered by ConvertKit
About the author

1 Response
  1. This is the reason why I am really keeping an eye on the statements I receive from the bank. I ask immediately what are the fees charged to me. There are really banks that take advantage especially there are quite a lot of people who are not too keen in checking their statement often.

Join our newsletter

Subscribe to get the latest "Engineer Your Finances" content via email.

Powered by ConvertKit Top Finance Blogs