We all get upset at seeing fees eating away at our fast disappearing paycheck. With recent federal regulations and the Law of Unintended Consequences, you may be seeing an increase in those already annoying fees among your typical financial institutions. Here are some fees to watch out for.
1. Cashing in your coins. This used to be a freebie, as long as you were willing to wait a few business days for your account to be credited. Now some banks are charging you to use their coin counter. (UKFCU’s policy is to allow members up to $300 in coins per month free).
2. Forgetting to update your address. Some institutions are now charging your account a fee if your statements are returned. You can always sign up for e-statements to avoid this fee, or become a member of UKFCU.
3. Getting a paper statement. Some banks charge an extra $1 or $2 a month for paper statements.
4. Talking to a human teller. Depending on the type of Checking Account, some banks charge extra for seeing a teller. Ask yourself if that’s something you should pay for.
5. Receiving money via a wire transfer. Okay, I can see a fee for sending a wire, but some banks are also charging you to receive the money.
6. Closing your account. Some institutions are charging up to $25 for closing an account if it’s been open for less than 6 month. Hey, it’s your money and you want to leave. Why should you pay a fee for that?
Next time you are wondering where your paycheck went, check out UKFCU’s website at www.ukfcu.org and avoid some of those annoying fees.