Debt Management Watch Out for Bank Fees!

During the last twenty years, banks have offered acarefully. Automatic teller machines are certainly
number of improvements in the area of beingconvenient, but their use is now mandatory at some
customer-friendly. The old 9 AM 2 PM bankers hoursbanks for no-fee transactions.
are gone, replaced by a schedule that makes it easySomething else consumers should watch out for is
for most people to visit when the bank is open.overdraft fees. Many banks now offer overdraft
Automatic teller machines are ubiquitous, making itprotection; you can use your debit card or
easier to obtain cash even when the banks arecheckbook to make purchases that exceed the
closed. And the debit card has made it easier thanbalance in your account. In years past, the bank
ever to pay for an item you dont even have towould have returned the check or denied the debit
write a check anymore. Such conveniences comepurchase; now they let the purchase go through. This
with a price, however, and banks are chargingcomes at a cost; the average fee for an overdraft
additional fees for all sorts of services. Some ofcharge is $25. Should you exceed your balance by a
them can be quite steep, and consumers shouldmere $10, the $25 charge amounts to a 250%
watch how they manage the money they have ininterest rate on the short-term loan of ten dollars.
the bank.The overdraft business is a good one; banks
Banks have been talking for years about hownationwide earned about ten billion dollars last year on
convenient it is to use an automatic teller machine.overdraft charges alone.
You can use one 24 hours a day and the handyThere are many other situations that banks use to
machines often make it unnecessary to interact withtack on fees, and some of them arent all that
a teller. What many banks fail to advertise, however,obvious. In order to make sure that your bank isnt
is that they now charge a fee for any transactioncharging you more than youd like for your business
that involves a teller. Most people probably wouldntwith them, make sure that you read your statement
care to pay a $3 fee to walk into a bank to depositcarefully. If not, the convenience of banking could
a check, but since many banks charge such a fee,come at a high price.
consumers should check their bank statements