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