As new rules and regulations have crimped the profits of the nation’s largest banks, some banks have compensated by increasing existing bank fees and introducing new ones. These aggravating banking charges can appear when you do not expect them and can reduce the balance of your bank account by a significant amount. Knowing what these fees are and how to avoid them can save you hundreds of dollars each year.
Fees For Live Help
Some banks have started to charge their account holders for talking to a customer service representative instead of using one of their automated systems. The first thing that the customer service person asks for is verification of your account information, so they are able to apply the fee directly to the account as soon as they begin to help you. The fees charged for live help can vary from bank to bank and can range between $0.50 to $9 per occurrence. Your choices in this case are to either choose to bank with an institution that does not charge these fees or to avoid having to talk to a teller or customer service representative unless you have no other option to resolve your issue.
Fees For Returned Deposits
Some banks charge you a fee if you deposit a check into your account that later bounces due to insufficient funds or an inactive account. Unfortunately, there is no way for you to know if a check is good before you deposit it. In order to avoid this fee completely, open your account with a bank that does not charge these fees on their accounts. If you deposit a lot of checks on a regular basis, it may make sense to switch your account from a large banking institution that charges these fees to a smaller bank or credit union that does not charge these fees.
Fees For Closing Your Account Early
If you find that your bank is charging you excessive fees on the bank account you just opened, you may be tempted to close out your account and take your money to a different bank. This can trigger a so-called early-closure fee, which can range between $10 and $25, withheld directly from the balance of the account. The bank may also try to claw back any rewards or bonuses earned on the account during the time it was open by adding additional fees for closing the account. Read the terms and conditions of your bank account carefully to learn what fees will be charged as a penalty for closing the account before a specific time period has expired.
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