You never know what fees and charges are lurking in your bank statement.
Bank of America, Wells Fargo and JPMorgan Chase dumped charging debit card fees in 2012, so it seems customers won some sort of battle. Still, everybody—especially young military families trying to save money—needs to closely examine every bank statement for fees.
Here are six things to look for:
These might be in place already and if they’re not, they probably will be. Banks charge minimum balance fees when customers don’t have a certain dollar amount in their checking account. So if the minimum balance is $1,500 but you have $1,499 or less in your account, you pay the fee.
With the advent of phone apps that allow customers to do everything from depositing checks to scheduling bill payments, service fees are right around the corner. There aren’t any official statements from banks about new mobile banking costs, but keep your eyes peeled.
Depending on the types of accounts you have, withdrawing or depositing money at the bank can cost money. For example, customers with e-banking accounts at Bank of America pay $8.95 a month to have access to branches and teller transactions.
You may be paying for the piece of paper you’re reading to find out if you’ve been charged one of the above fees. Some banks charge customers who do not opt for electronic statements. When you switch to online statements, you can look at each account individually to see if your bank applied one of the above charges.
Be wary of transferring money to one account from another too often. TD Bank customers get six savings account transfers or withdraws in a billing cycle, but the seventh and subsequent transactions cost $9 each.
For military families with credit cards, this is important to track. The banks can say an interest rate increase isn’t a direct charge because it only matters if you end up paying interest if you don’t pay off your balance in full.
Any military member or veteran with at least a few bank accounts needs to keep tabs of their bank statement and any hidden costs.
Photo courtesy Betssssy