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Bank Fees

Savvy ATM: Fees, Fees, and More Fees

Fee, fi, fo, fum, do you smell your money going down the drain? You may have noticed the fees your bank charges when you've been bad or for just having and using your account — or maybe you haven't been paying attention. Banking fees have risen steadily in the past few years to cover business costs and deal with tough economic times, but a government study released yesterday shows that most consumers are unaware of these banking fees they've been paying on their accounts.

This is especially alarming when you consider that some fees have risen in double-digit increments since 2000 — the study shows that overdraft fees have increased 11 percent. Banks are legally obligated to disclose fees to consumers, but the study's researchers couldn't find fee information on half of the banks' websites. However, the FDIC was able to calculate that consumers paid more than $36 billion in banking fees during 2006. How informed are you about the fees charged to your bank account?

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terryt18 terryt18 9 years
My bank provides me a service of pretending I have $700 extra in my account. So I could spend up to $700 I don't have, but I'd have to pay $30.20 for every transaction after my real zero balance. I hate this. It's stupid. Plus, on their website when I look at my account it always adds on that extra $700, so I have to mentally subtract that to see how much I really have. I hate that they do this. Due to a personal accounting error, I recently sent 2 transactions through, which my bank gladly approved and charged me $60.40. I wrote them a letter but haven't received a reply. I do plan to switch banks.
filmgirl81 filmgirl81 9 years
I haven't had an ATM card in a year, and I notice I'm better about my expenses now
freegracefrom freegracefrom 9 years
My overdraft fees are higher than the average. $35. It's obnoxious because one time I went over and I didn't know about it and continued using my ATM, so all of those fees added up to almost $200. Yikes.
cvandoorn cvandoorn 9 years
I got my banker to remove all those annoying monthly fees and I also usually end up calling him when I overdraft. I usually get everything reversed :)
Leilanic1 Leilanic1 9 years
my bank doesn't charge any fees and actually reimburses me when i am charged an atm fee. i love my bank.
ilanac13 ilanac13 9 years
i've definitely noticed that my bank fees are higher. i used to only get charged one way on using a non-bank ATM and now not only do i get hit with the fee from the ATM but my bank charges me as well. what is that? it's like you get charged to use your own money and in some cases to not use your money. i have an account that for some reason charges me if i'm below a certain balance, and no matter how many times i call about it - it never gets fixed
Masqueraded_Angel Masqueraded_Angel 9 years
Our bank (Wells Fargo) is ALWAYS trying to nail us with these fees that just pop up out of nowhere...thankfully my husband is on the phone with them immediately and ripping them a new one about it...since he knows the exact kind of accounts we have and what we should and shouldn't be charged. Everything is always put back where it belongs.
verily verily 9 years
I have no fees in regards to using ATMs from my bank (the ATM might have one) and there is no annual fee. I'm sure there is an overdraft charge of $25-$30, but I never ever overspend on my account!
jb3 jb3 9 years
That is pretty wild that the fees have risen that much in 8 years!! Especially when you consider that the banks make more money off of the money we deposit with them through loans to people, companies, and governments. They are supposed to be providing a service to us, but it seems like they think we should be grateful that they let us deposit our money with them. It is very alarming to me that most of us don't have any idea how the banks actually function and that the info isn't easily available. That is my little rant for the day. Thanks for the opportunity, Savvy!!
SkinnyMarie SkinnyMarie 9 years
I don't have any fees, and I have overdraft protection that is attached to my savings, so I won't get charged. The only thing I have to do is buy my own checks, but honestly I have only had to buy them once.
erratic-assassin erratic-assassin 9 years
I do the same ashcwebb...stupid banks. I've only overdrafted ONCE and BOY WAS I FURIOUS!!! stealing my money like that! lol, of course it was my fault, but I still like blaming THEM. I got my overdraft fee waived because it was my 1st and only offense, so try getting it may work.
Lovely_1 Lovely_1 9 years
Mine is pricey ($9) and I barely get anything! That's why when I get paid, I take all my spending cash OUT and try not to even touch my ATM card for fear of getting chraged ;)
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