| During the last twenty years, banks have offered a | | | | carefully. Automatic teller machines are certainly |
| number of improvements in the area of being | | | | convenient, but their use is now mandatory at some |
| customer-friendly. The old 9 AM 2 PM bankers hours | | | | banks for no-fee transactions. |
| are gone, replaced by a schedule that makes it easy | | | | Something 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 it | | | | protection; you can use your debit card or |
| easier to obtain cash even when the banks are | | | | checkbook to make purchases that exceed the |
| closed. And the debit card has made it easier than | | | | balance in your account. In years past, the bank |
| ever to pay for an item you dont even have to | | | | would have returned the check or denied the debit |
| write a check anymore. Such conveniences come | | | | purchase; now they let the purchase go through. This |
| with a price, however, and banks are charging | | | | comes at a cost; the average fee for an overdraft |
| additional fees for all sorts of services. Some of | | | | charge is $25. Should you exceed your balance by a |
| them can be quite steep, and consumers should | | | | mere $10, the $25 charge amounts to a 250% |
| watch how they manage the money they have in | | | | interest 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 how | | | | nationwide 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 handy | | | | There are many other situations that banks use to |
| machines often make it unnecessary to interact with | | | | tack 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 transaction | | | | charging you more than youd like for your business |
| that involves a teller. Most people probably wouldnt | | | | with them, make sure that you read your statement |
| care to pay a $3 fee to walk into a bank to deposit | | | | carefully. 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 | | | | |