They happen, even if we don’t know they happen. Hidden bank fees can creep up and rob your precious savings and/or checking account of its funds, and you won’t even know how until you read your bookkeeping statement. To help keep you a step ahead of the banks and what they typically can slip in, here are the top hidden bank fees.
1. Bounced check – A simple mathematical error can cost you big if the funds aren’t there for a check. This happens more than previously thought as deposited checks can days or even weeks to clear, while checks drawn up from the bank can be processed the same day. One slip can cost $50 and hurt you in any future banking endeavors.
2. ATM – If you need cash now, you’ll probably end up paying whatever the ATM charges, which is usually several dollars per transaction. If you do this once a week, every week for a year, it can add up to hundreds of dollars in banking fees. Your best bet is to get cash preemptively and use your own bank’s ATM to avoid these kind of fees.
3. Stop payment – Did you write a check and need to have it cancelled? There’s a fee for that. In the olden days, banks would only charge about $10 per stop payment, but now it can easily cost $25 for a slip of the pen.
4. Talk time – Ever go through an unbearable phone maze and finally get to a teller to relay your banking problem? This courtesy is quickly disappearing and being replaced by fees to talk, get connected, or even make a payment by phone. On the bright side, web help remains free, so take it if you have the option.
5. Minimum – While it’s true that many banks offer free goodies, a minimum amount in your savings and even checking account can still often be asked. For example, if you are required to have a minimum $500 in your account to get free services and it dips to $499, all those free goodies will be replaced by hidden bank fees.
6. Debit cards – Who needs checks when you have a debit card? It can be tempting to use this card to pay for transactions, and sometimes that’s a good idea. However, these debit cards can carry all the same hidden fees as a regular credit card combined with a check book. Interest rates, overdraw fees, and more can all come with your new plastic best friend. The best time to ask about hidden fees is when applying for one by phone, the tellers there will be happy to tell you what the charges, fees, and such are at no cost.
7. Don’t be afraid to ask – If you feel your bank is charging you too much on the fees, discuss with them in person about alternatives to your account. While this involves going down to a local branch, the representatives there are knowledgeable, can help you, and worst case scenario, you can close your account right there.
Bookkeeping in Houston
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