As banks continue to falter from the mortgage crisis and now the credit crunch they are finding inventive ways to recoup some of the losses – charging you with extra fees. And they are ubiquitous, so beware.
You know how much you hate being charged an ATM fee of around $1.50 to $1.75 when using another bank’s ATM? Well how about $3.00 fees per transaction. Three of the largest banks in the US are now charging their non customers $3.00 for the privilege of using their ATMs. It’s probably worth taking a short walk to your bank – save the fees and get some heart healthy exercise while doing so!
Some of the largest banks are also charging for transfers from your line of credit or savings accounts to checking when you want to ensure you have overdraft protection for that extra payment you might have made but may not be completely covered with your checking account funds. How much will those cost you – $10.00
If you are traveling and have a foreign exchange transaction you will be charged higher fees. And your minimum amount required for opening a checking account has most likely gone up.
And that is just the beginning…oh how they are going to get you on those bounced checks – anticipate this going to $35.00 to $40.00 per occurrence. Ouch!
What can you do? Well you could look into an online savings and checking account. There are several very reputable institutions out there. And be aware – make sure you know what your bank has changed so that you don’t get caught up in the fee mazes.