A lot of people are paying hefty bank service fees without knowing about it! That’s because most people never request a fee schedule from their bank and review them from time to time. Here are just a few of the ways banks are slipping in hidden charges and fees to their customers:
- Online bill pay . Are you sure this is free? Many banks offer deals where the first two months are free, followed by a monthly fee thereafter.
- Use of ATMs in foreign countries can cost as much as $5 per transaction.
- Check enclosure fees. This is for return of cancelled checks, images, debits, or substitute checks.
- Copies of deposit slips or checks. Banks often charge $2 or more per copy.
- Insufficient funds or returned items fees. Keep an eye on this because it can really pack a wallop! That’s because on the first day, the bank will charge an “occurrence” fee which can be $20 to $25. But it doesn’t end there. For every day your account is overdrawn, they often charge a higher fee ($35 or more) for each transaction.
- Some banks charge research fees as high as $20 per hour, with a one hour minimum. “Statement balancing” is listed under research fees.
- Money transfers between accounts. Some will charge $10 per instance.
- Customer service inquiry fees. At some banks, only one free inquiry is allowed per statement period; after that is used, a fee is charged.
- Need a letter of reference? Some banks charge $10 for this service
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