Banks just love to collect fees from their customers to keep revenue flowing. The charge you for going over your account balance and they charge you for not having direct deposit on your account. If there is a way for the banks to charge you for something, you can bet your bottom dollar that they will do it. As a result, consumers are slowly being bled dry by their banks, one charge at a time.

Since these bank fees are becoming commonplace, with more banks adopting them, they are becoming more difficult to avoid. Here’s a quick rundown of how your bank is taking your hard earned money from you…

Overdraft Feesaa-banksters-10-19-13

Your bank could choose to simply deny a transaction if it was going to put you over your account balance. That’s not what they do, though. Instead, many banks will charge you an overdraft fee for allowing you the privilege of spending more than you have in your account. An overdraft fee may be helpful if you have to pay the rent and are a hundred bucks short. But it stinks to pay a $27 overdraft fee just because you went a couple of bucks over your account balance at the gas station or grocery store.

Account Maintenance Fees

There are banks that charge you fees for failing to meet certain criteria on your account. For example, some banks will charge you for failing to maintain a minimum balance or for not having direct deposit set up. You can get around some of these types of charges, but not all of them.

ATM Fees

If you need to buy something with cash and get it from an ATM, you may get stuck with out-of-network ATM fees. These fees typically only cost a few bucks per transaction, but they add up over time if you use out-of-network ATMs on a regular basis.

Returned Deposit Fees

You can pay penalties for things that you didn’t even do. Case in point – if someone writes you a check that bounces, your bank will remove the amount for the bad check and charge you a fee in the process. Yep, you get charged a fee and you weren’t even the person who wrote a bad check. Some banks will reverse these types of fees if you complain to a customer support representative, but not all of them will.

Banks don’t just nickel and dime you to death; they also enforce policies that can impact your lifestyle. Banks can hold checks, which causes a delay between your deposit and when those funds become available for you to use. Local checks cannot be held more than two business days, but non-local checks can be held for up to five business days. Some banks do their best to speed up the process, but you can’t always rely on this type of courtesy.

Avoiding Bank Fees

If you don’t like paying all these types of fees, you can try to get in touch with their customer support department and ask for the fees to be removed from your account. Mention that you are thinking about moving your funds to another bank if they will not comply with your wishes. You may wind up getting some of the fees waived, but there are some banks that will not flinch. Remember, the banks earn the bulk of their revenue by the fees that they charge their customers. But there are some banks that offer better deals on checking accounts than others, so don’t be afraid to shop around for a new bank if you are unhappy with paying excessive fees every month.

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