Friday, November 26, 2010

B.A.F.F.L.E.D. Business

Is Your Bank Extorting You?

It is no secret our economy has been in shambles for the last couple years.  Everyone is trying to figure out what to do, where to get money, and the best ways to save.  We all think our banks are safe-havens for the money we do have, but it seems this may be more difficult.

Banks have been using an array of tricks lately to secure their bottom line, while hitting their patrons with fee after fee. What is the point of having money in the bank if you are slapped with a list of fees?  Here are some of the fees you could see on your account:

-Have at least 1 direct deposit of $500 or more per month to avoid a monthly service fee on your account.  Individual deposits totaling $500 will still be charged a fee.

-Have a  minimum balance of $1500 or more in the account on a daily basis  

-Incur a $1 charge for printing account statements at the ATM

-Pay $12 per month for certain checking accounts when you do not meet certain criteria

These fees are not only a surprise to consumers, but disheartening when  we hope our money will be better protected in a recovering economy.  Check your mailbox for changes in your accounts and beware!

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