Most expensive financial fees for 2006 released today (part 3)

December 22, 2006

Continued from…

Bad deposit fees

This is the nasty fee that you are charged should a check you deposit bounce. It is crazy because it is not your fault either. According to the report released to our debt free news article department today, most banks charge you $10. Bank of America only charges $5 fro domestic checks that bounce to you. If you have any doubts about any check you are about to deposit into your account, try cashing it at the bank it is drawn on – yes, back to fees again – most banks will charge you to do this – they typically charge non account holders somewhere between $5-$10. If it is a business or personal check the fees may differ as well. If you wish to avoid going to the bank that the check is drawn on, try phoning that bank to see if the money is in the account (if the check will clear if you deposit it at your bank.)

Monthly service fees

Oh, yes, we have written about these on our debt free site before. There are so many hidden fees that are attached to free checking accounts than you can shake a stick at. It should be illegal for any bank to call an account free if there are any charges. Anyway, according to today’s report in the news, consumers have paid a record amount of monthly service fees in the year 2006. You can be charged fees on an account if you dip below the minimum requirement all the way to ATM usuage again. Read up and ask questions. Never tie up so much cash for so little is one way to think of it.

Bi weekly payment fees

Not many of our debt free article reader even know about these fees. They are not the most common, but according to the report today, they totally exist. For instance, some consumers have to pay up front fees to set up a bi monthly mortgage payment. Sometimes these fees are a few hundred dollars up front and $10-$20 each month. Wow. Try doing the same thing on your own for FREE. Remember, if you don’t do it on your own, most companied hold that payment, make money off of it. Instead, why not pay only one twelfth of the amount of your mortgage extra each month. That’s an extra payment each year. This is the same as doing bi monthly payments without the cost of these fees. If you get the most out of your money you will have more to spend on other things in your lifetime. According to the report today, most home owners are not even aware of this.

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