First off, happy Labor Day! I hope you are all able to enjoy a day off from school/work. I played golf this morning. My score looked more like a basketball team's overall score, but it was still fun to get out. The rain held off and I got some fresh air. What else could you ask for?
In reading over my daily news and seeing what was going on in the world, I stumbled across an interesting article from CNN Money which talked about different bank fees that are tagged on and how annoying they can be. The article just happens to be named, 9 most annoying bank fees. I decided to look over a few, and add a few of my own. Here are some that stuck out to me.
Talking to a Human
One of the reasons I love my credit union is the people there know who I am. They knew who I was before taking on this job, and I enjoy the fact that I can go in and I feel at home. Apparently that novelty is becoming a thing of the past in some banks, and if you want to talk to a real person, you'll get charged. According to the article, people who use the Bank of America e-banking account, are charged $8.95 a month in order to access a branch and speak to a teller in person. PNC charges their customers $2-$3 each time they call in to make a transaction. I've found myself scratching my head on this one. In the digital age, I understand that you can do most banking online now, but charging someone to talk to a human? That just seems wrong to me.
Forgetting to update your address
If you're 18-25 years old, chances are you'll be moving a few times within the next few years before settling down. If you keep your financial institution when you move, you'll have to update your address to make sure your statements get to you. You best better make sure you check to see if you have changed your address because if you don't, that could mean fees tacked on at the end of the month. Some banks will actually charge you for undeliverable mail, upwards of $15 if you forget to change your address. If you are like me and sometimes have little money in your account, that could cause some serious overdraft issues and more fees tacked on. If your address is wrong for a period of time, be prepared to pay for it.
There will come a point in time when you'll need an ATM to get some money out. Unfortunately, this also means that if you aren't a part of the ATM's financial institution, you'll get hit with some charges. That $20 you're about to get is going to cost you $3 to get. Talk about annoying. I am not a fan of having fees tacked on so I can get a little money out of an ATM. It just doesn't seem right.
Those are just a few of the nutty fees that banks charge. Banks also typically charge for paper statements, pulling up prior statements and other random fees that they won't tell you about when you sign up. So what are we supposed to do about this? Well, thankfully free4ME checking is a great way to not worry about any of these charges. Credit unions pride themselves on having tellers who are able to help you when you need to talk to a human. Those tellers are free of charge. You won't have to worry about ATM fees either with the SURF Network. With over 200 surcharge free ATMs around the state, you're almost guaranteed to be near one wherever you are. Bottom line is, if you join a credit union, you'll get to miss lots of the fees that many banks tag on. You'll get to talk to a human...for free. Who wouldn't want that?
Have you ever been hit with crazy fees?