When’s the last time you reviewed the terms and conditions connected to your bank account? You might not realize it, but you’re probably being charged excessive fees for “services” that aren’t clearly defined for you. One of the most annoying bank fees is the one that charges you for receiving a paper statement in the mail each month. If you’re not paying close attention, there’s no way you can know where your money is going. In today’s age, there are new services cropping up all the time and they cost the banking institutions money, so of course they’re going to respond by charging you a premium. If you notice that your charges are creeping up each month you might be getting new services introduced to your account, but it doesn’t make that much of a difference if you can’t see what those services are.
It’s no big surprise the amount of services has risen, and it also shouldn’t be a surprise that the banks want to keep you in the dark as best they can. They don’t take it upon themselves to organize their policies and regulations in a way that’s easy to read or understand, so it’s almost impossible for potential clients to decide between several different providers to find the best terms to go with. Who wants to read through 30 pages of terms and conditions to walk away still not understanding what they read? Learn more about the most annoying bank fees that you should keep your eyes open for the next time your statement is ready for review.
Closing Your Account Early Could Cost You
The early account closure fee is another one of the most annoying bank fees out there. Most banks require that you have your account in active status for a certain amount of time before you can close it with no penalty. If you don’t keep it active for a specified length of time, you’re bound to get slammed with a hefty fee of $25 or more depending on the bank that you’ve got. It costs banks money to take on new customers and most of them dictate that you have your account open for 90 days or more or else you’ll be charged for closing it early.
To avoid this silly charge, just keep your account open long enough for the minimum period of time to pass.
Maintenance Fees Add Up Rather Quickly
Most of the banks out there charge fees on a monthly basis that are supposed to cover the maintenance and upkeep associated with your account and these annoying bank fees add up. There might be ways to get that fee dismissed, but most people might end up getting charged for this anyway. If you’re being charged a maintenance fee, find out if there are any ways that you might be able to work around it.
Don’t Cash Invalid Checks
Your bank might punish you for checks that get returned without being paid. You could be charged upwards of $15 for those checks that don’t clear in your account if you’re not careful and this is another one of the most annoying bank fees. Most of the biggest banks out there charge a returned deposit fee, but sometimes the smaller credit unions and local banks don’t make you pay for these hang-ups. Do some research to see if there’s a way you can still retain all the features you value without losing money on fees like the returned deposit fee.
Charges Associated With Making Purchases Outside Of Your Home Country Can Be Stressful
Because the bank has to convert currency when you make a purchase in another country, they’re going to tack on an extra little expense to cover their own costs. Depending on which bank you’ve got, you’re almost certain to encounter foreign transaction fees when you swipe that credit card in some foreign place. There are credit cards out there that don’t charge and foreign transaction fees at all, so you might want to look at the pros and cons of these credit cards versus the one you’ve got currently.
Don’t Lose That Debit Card
If you ever lose your debit card, you should expect to hear that you’ll have to pay for a replacement one from your bank. They pay for the new card to be manufactured of course, but they also pay for the theft protection and postage and this can be another one of those annoying bank fees. If you need that new card right away, you’ll be up charged for express shipping.
Avoid paying express shipping charges on top of replacing the card by just waiting for it to be delivered the standard way. You can pay for your purchases in cash or just use another card you’ve got at your disposal.
Annoying bank fees have become a very real part of life and they seem to be lurking around every corner. Avoid all the excess charges by being completely sure about what you’re being charged and when these charges occur!