Clicky

LATEST
The Best Car Research Websites US Cities With the Fastest Rising Property Values Online Scams to Watch Out for in 2015 The Most Expensive Divorces in History What are the Poorest Cities in America? The Best Home Mortgage Loan Websites The Best Crowd Funding Websites The Best Mobile Apps For Your Personal Finances Does Shopping at Costco Really Save You Money? Practical Tips to Save Money on Gas Can Coinstar Turn Your Loose Change Into Big Cash? How To Resolve Paypal Disputes Are You Losing To Hidden Cell Phone Fees? Tax Deductions You May Not Know About How Much Money Will You Need In Retirment? How Much Life Insurance Is Enough? Are You A Victim Of Hidden Bank Fees? The Right Way To Ask For A Raise Which DIY Tax Program Is Right For You? Banks Giving New Accounts Great Deals In 2015 How To Deal With Debt Collectors High Paying Jobs With Labor Shortages In 2015 3 Tips to Save Money on Your Next Car Loan 5 Tips to Save Money on Health Insurance Should You Consolidate Credit Card Debt? Do You Have Unclaimed Property? Tips On Applying For A Small Business Loan What Is A Vantage Score And Why Is It Important? What Is A FICO Score And Why Is It Important? Tips On Creating An Emergency Fund Are Opening Store Credit Cards A Good Financial Decision? Tips To Help You Repair Your Bad Credit Is A Debt Consolidation Loan Right For You? Tips To Manage Student Loan Debt Tips On Finding The Best Deals On Cyber Monday Tips On Finding The Best Deals On Black Friday How To Save Money On Holiday Travel What Is Payoneer? What Is Apple Pay? What Is Escrow.com? What Is Neteller? What Is Skrill? What Is Amazon Payments? What Is Google Wallet? What Is Square? What Is An IRA And Should I Invest In Them? What Is A Mutual Fund And Should I Invest In Them? What Is A 401k And Should I Invest In Them? What Are Stock Options And Should I Invest In Them? Are You Properly Planning For Your Retirement? What’s The Difference Between PayPal vs. Amazon Payments? What’s The Difference Between PayPal vs. Western Union? What’s The Difference between PayPal vs. Google Wallet? What’s The Difference Between PayPal vs. Square? What’s The Difference Between A Wire Transfer vs. Western Union? What’s The Difference Between A Wire Transfer vs. PayPal? What’s The Difference Between A Wire Transfer vs. Bank Transfer? What Are The Best Places To Find Coupons Online? Can Owning A Hybrid/Electric Car Save You Money? Are Municipal Bonds The Right Investment For You? What Are The 5 Best US States To Start A Small Business? What Are The 5 Best US States Currently For Job Openings? Should You Consider Opening A Swiss Bank Account? How To Choose The Right Life Insurance Policy For You Are Homes In Foreclosure Good Investments? What Should You Look For When Choosing A Stock Brokerage Firm? What Should You Look For In A Retirement IRA? When Is Filing For Bankruptcy The Right Choice? Credit Cards With The Best Perks And Rewards Programs What Should You Look for When Choosing the Right Bank? Should You Consider Investing in the Forex Market? Do You Need a Financial Adviser? What Is A Reverse Mortgage, And Should You Consider It? Simple Tips To Manage Your Credit Card Debt Should You Buy Or Lease Your Next Car? Are Short-Term Payday Loans Right For You? 5 Ways You Can Improve Your Credit Score Are Penny Stocks A Good Investment? What Are The Benefits Of Investing In Precious Metals? What Is A Dogecoin And Are They A Good Investment? What Should You Look For In A Credit Card? Are You Ready To Buy A Home? Tips To Avoid Identity Theft The Phishing Scam The Rental Listing Scam Are Wire Transfers Safe? What is a Wire Transfer? Are Bitcoins Safe to Use? What are Bitcoins? Is Paypal Safe? What is Paypal? The Lottery Scam The Nigerian Scam (419) Is Sending Money with Western Union Safe? Incredibly Easy Ways of Sending Money with Western Union Everything You Need to Know about Western Union Western Union VS MoneyGram: Which Should You Use When Sending a Money Transfer? A Closer Look at MoneyGram Where Can I Send a MoneyGram? The Dangers of Sending Money Online: 7 Very Popular Internet Scams

Moneygram

Are You A Victim Of Hidden Bank Fees?

hidden fees
February 22nd, 2015

Even though bank fees aren’t as prevalent as they used to be, some banks still have a LOT. This is especially true with some of the bigger bank chains, because they have a lot more overhead to manage than a smaller bank or credit union.

To help you save a little dough, here are some hidden bank fees to watch out for.

Maintenance Fees

Probably the most common type of fee is a “maintenance” fee. This can range from $5 to $20 a month, depending on the bank you’re using.

The best way to avoid these fees is to simply keep the minimum amount required by the bank. For example, many banks will waive this fee if you have at least $500 in the account. This amount changes for each bank, but the idea is that the bank wants to have enough of your money to make it worth keeping the account open on their end.

Fee for Early Closing of an Account

So you’re tired of your bank and want to get out of business with them? That’s great… but you may have to pay for it. If you haven’t had your account for a given minimum period of time, many banks will charge you around $25 to cancel your account.

Which brings up a dilemma. Do you keep paying a maintenance fee? Or do you just take the $25 hit and get rid of the bank altogether? The math tends to work towards the latter, but if you’re getting hit with some of the other fees here, it will make even more sense to just move on.

Overdraft Fees

This one is pretty much on your shoulders, but it’s still something to be aware of. Most banks will charge you about $29 if you overdraw on your checking account. Note that this is each time you do it. So what happens to some people is they may buy 2 things in the same day- one for $300, the other for $5. If the bigger one processes first, that may take you into the red, costing you $29.

But then when the $5 transaction hits, you’ll go deeper into the red. Now you’ll fork over another $29.

If you know you’re going to overdraw on your account, there are three options. You can either take the hit, use a bank that charges very small overdraft fees, or use one that has a system set up to draw money from another account to cover the charge. That may be a savings account with the same bank.

Foreign Exchange Fee

If you don’t travel abroad, this one doesn’t apply to you. But if you go out of the country, be aware that your bank may charge for you to exchange money or purchase something.

For small purchases this may not be a big deal, but it can really add up if you start spending a lot of money.

The best way to avoid these fees is to either go with a bank that doesn’t offer them or use a major credit card chain like Visa or Mastercard.


This author has no description available.

Browse Our Website

Latest From The Money Blog

The Best Car Research Websites

The Best Car Research Websites

Instead of going to a dealership for a new car or checking various used car sellers, you can now fin[...]
US Cities With the Fastest Rising Property Values

US Cities With the Fastest Rising Property Values

Smart investors know that buying property in a thriving city is a good idea. But the prices of house[...]
Online Scams to Watch Out for in 2015

Online Scams to Watch Out for in 2015

“There’s a sucker born every minute” was Barnum’s perspective on life and business and he was right.[...]
The Most Expensive Divorces in History

The Most Expensive Divorces in History

A divorce is a relatively simple legal procedure but if it is between a couple with a net worth mill[...]
What are the Poorest Cities in America?

What are the Poorest Cities in America?

Many cities in the U.S. have never really recovered from the debt carnage that was unleashed on them[...]


https://suretrader.com

All Money Sending Tips Articles