Ways Your Bank is Getting Money From You

While it may be difficult enough as it is to save cash for emergencies, knowing that your bank isn't helping much doesn't bring comfort. However, the fees and charges the bank is getting from you is how they make their profits and are oftentimes done in a way that consumers don't even realize the true cost of banking. Being aware of these fees can help save you cash as many of these fees are small and relatively unnoticeable.
Here are what you need to be on the lookout for at your bank:
Checking Account Fees
Back in the day, banks used to charge customers for the convenience of having a checking account to handle their own money. Most banks has actually done away with the practice of charging customers to use their own money in an effort to bring in more customers. However, in light of the recession and the economic woes of many banks, the return of checking account charges is upon us. Unfortunately, many consumers aren't even aware they are paying for an account. If your bank is charging you again or still for having a checking account, ask to switch to a free-fee account or shop around for another bank.
Overdraft Fees
Overdraft fees have skyrocketed at some banks. When a check is drawn on your account with insufficient funds, banks will charge you a fee typically between $25-$45. These fees in addition to the charges coming from the person to whom you issued the check can mean a check for $20 can cost you over $100. If you are not aware of what your bank is charging you should there be an overdraft, check with the local branch and be sure to be diligent about keeping your check book balanced.
Returned Deposits
If someone else gives you a check you try to deposit against insufficient funds, your bank will charge you a fee. Additionally, if that bounced deposit causes you to overdraw your own account, you will incur overdraft fees as well. If you do not know the person giving you a check, it may be advisable to only accept money orders or cash.
ATM Withdrawal Fees
Many banks offer the convenience of free withdrawals from your account when you use on of the banks ATM terminals. However, if you make a withdrawal from an ATM not in your bank's network, you will incur a fee from your own bank as well as a fee from the bank whose ATM you accessed your money.
ATM Transaction Fees
In addition to the fees you incur by withdrawing money from your own account, you can also find that you are charged a few dollars for performing other transactions using you ATM card, including balance inquiries and money transfers.
Human Interaction Fees
Believe it or not, in this age of technology, some companies, including banks have attached a fee to speaking with an actual person. Some banks charge your account a fee for telephone consultations for inquiries initiated by you. Some banks will even charge you a fee for visiting the teller. Check your account terms and make sure the bank has not place limitations on your teller visits. Some terms call for a limit of 2-3 teller visits a month and then charge you for all subsequent visits.
Check Charges
To order a new back of checkbooks, you will not only have to pay the expense of the actual checks but may find you have been charged a service fee by the bank when you place your order by phone or email.
Money Conversions
If you have reason to convert cash from one country into your own legal tender, be advised that these conversion fees are on the rise.
The bottom line is banks have added some pretty subtle charges for services consumer might otherwise think are free. They get away with it because a good number of people fail to check their bank statements thoroughly and do not keep tabs on their checkbook. The only way to avoid charges is to be aware of them and not afraid to approach your bank, especially if you have been a long and loyal customer, about waiving the fees you find excessive. If you have been working with the same bank for a long time, you may be living too comfortably with the old terms and fail to see what new terms your bank has imposed that is costing you cash.