When you go to your bank ask for if they have a fee schedule, take it and put it in your bill-paying folder. Also, read the inserts that come in your bank statement each month, if you do not you may miss an important update about a change in service, etc. Remember it is your money that they are talking about.
Does your bank charge a fee if your bank balance slips past the minimum account balance mark? Are you sure you know what that charge is? Do you know what your bank charges when a check is returned for insufficient funds?
Some bank fees you may not think of:
- Is your online bill pay service really free? Some banks offer deals where the first two or three months are free, with monthly charges thereafter.
- How much will it cost to get a copies of a misplaced deposit slip or check?
- Insufficient funds and returned items fees are annoying and expensive, you are often charged as much as $20 to $35 for each check returned. Do not try to guess when a check you have mailed will be received and deposited.
- Even If you do have overdraft protection, your bank may charge a fee for the transfer of funds.
- You will probably be charged if you want to cancel a check.
- Some banks charge statement balancing research fees. If you find that your checks and balances are not working and ask for a statement to help you reconcile your bankbook, do not be surprised if you are charged for this.
- Some banks have automated telephone inquiry systems. This allows the customer to get an automated answer without talking to a human. If you are fortunate enough to have this handy service make sure you do not wear out your welcome, as some banks allow a set number of calls per month. You may be charged if you pass the number of calls allowed.
- If you need to check on an account after a death in your family, in addition to having the proper paperwork you may have to pay a fee to set inquiry in motion.
- If you need a letter of reference from your bank, you may be charged for this service.
The next time you standing in line at your bank grab a few of the newsletters, brochures and other offerings. Do not ignore bank information that is available to you.
See our Money Section for more valuable tips.