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Monday, September 27, 2010

Watch Out For More Bank Fees!

Read this post first if you have not already done so: Throwing Money Away, Part 1 - Bank & Credit Card Fees.

Last month, the Card Act passed by Congress banned several fees such as some overdraft and excessive late charges. Now banks are becoming more creative in the fees they charge customers for 'free' checking accounts, banking services and credit cards. Watch out for these and avoid them:
  • Higher credit card cash advance fees
  • Higher credit card balance transfer fees
  • Higher checking account monthly maintenance fees
  • Higher minimum balances required to avoid fees
  • Higher overdraft protection transfer fees
  • Paper statement fees
  • Fees to receive copies of cancelled checks
  • Annual fee for open line of credit
  • Fees for using a live teller
If you find that you are being hit with unreasonable fees, complain to your bank. Most everything is negotiable. Depending upon how good a customer you have been, they might adjust your fees.

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