Hidden Fees That Are Costing You Money

Some rights reserved by 401(K) 2013 Many Americans are paying hidden fees of all kinds that they do not even notice. Banks, credit card companies, subscription services, and more charge these types of fees.

You might remember when Bank of America was going to charge a debit card fee for using your card in a certain way. Many people protested, which might be the reason that they decided to change that fee. This informative article from U.S. News and World Report discusses all kinds of other bank fees that many banks charge—ones you might not be as aware of. The article specifically mentions that The average monthly maintenance fee on checking accounts, for example, rose by 18 cents during the second half of 2012 to $12.26 a month, or almost $150 a year.” They suggest always reading the literature you receive when you open an account, as well as new literature you receive during the life of your account. Things like your account balance, number of checks you write, amounts you withdraw, etc. can all be regulated by fees.

Credit card companies can charge fees you might not expect, like annual fees. Always check out the fine print when signing up for credit cards. Sometimes companies can also use your credit card to keep charging you fees you are not expecting. This article from Fox Business discusses some of those. This might include subscriptions for magazines or other products that are auto-renewed until you stop them. Make sure you understand how product purchases like this will be handled and know how to cancel them when they are no longer wanted. In these tough economic times, it helps to pay attention to the fine print to avoid unnecessary fees and save yourself money.

Attorney Christopher D. Smith is a Lakewood Ranch, Florida attorney with SmithLaw Attorneys. He concentrates in bankruptcy, civil litigation, probate, and elder exploitation cases in the Sarasota and Bradenton area. Call 941 907-4774 to learn more and to ask about our free consultations. Image: Some rights reserved by 401(K) 2013

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