Banks are looking for new ways to make money out of the consumers after the recent limitations imposed on the fees and interests rates. They are planning to introduce new fees or hike the current fees to recuperate their costs. As such consumers need to be extra cautious when using various products and services of the banks. Glance through the article to get acquainted with the 4 sneakiest bank fees that may have a negative impact on your finances.
Bank fees that can cost you money
Here are the 4 sneakiest bank fees you should be aware of:
1. ATM fee: You will have to pay a fee of around $5 for using the ATMs of other banks. This basically means that you'll have to pay a fee whenever you withdraw money from an ATM of another bank. So, it is best to make cash withdrawals from ATMs at your own bank. Otherwise, you may end up paying as much as $500 a year for using ATMs only. You surely can't afford to waste that amount of money in the current economic scenario.
2. Maintenance fee: Consumers who are not able to maintain the required minimum balances in their checking accounts may have to pay a fee to the bank in the near future. Some standard banks are going to increase the minimum balance criteria all the year round. They will also charge a specific fee for the account holders who are unable to fulfill the minimum balance criteria.
Some banks have already levied monthly maintenance fees of more than $25 on certain customers. Moreover, some banks are charging fees on the consumers who ask for appropriate banking statements instead of taking advantage of online banking.
3. Debit card fee: Banks are planning to introduce some new debit card fees at the end of month July. The bank authorities may introduce new annual fees or abolish the reward programs that come up with debit cards. Financial experts are of the opinion that the banks may charge a very high ATM withdrawal fee on the people who are not their customers. They may even limit the number of financial transactions consumers can make through the debit cards.
It is said that some of the reputed banks in Los Angeles have already introduced annual fees ranging from $15 to $30 on the debit cards. Some banks are thinking about modifying their business policies by the end of 2012.
It is recommended that consumers check their mails regularly. It is advisable to visit the banking websites regularly to know about the changes in the fees and policies.
4. Application fee: Do you love to use mobile banking applications nowadays? If yes, then there is a bad news for you. Very soon, you may have to pay a significant amount for taking advantage of mobile banking systems. Several banks are contemplating to include the mobile application fee with the wireless charges. They are tying up with the mobile companies regarding this issue.
Finally, most of the people are well aware of the fact that the cost to open a new credit account has increased drastically in the past few years. Several banks have implemented new fees after the Credit Card Act came into effect in the year 2010. For example, some banks have introduced annual fees as high as $99. They have also hiked some already existing fees.