10 Different Way Banks Are Lawfully Taking Your Cash And What You Can Do About It

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10 Different Way Banks Are Lawfully Taking Your Cash And What You Can Do About It

Day by day, month-to-month, banks lift your pocket with heaviness. While borrowers don't mind imposing fees at rip-of-interest rates, banks have now discovered that too many and too few fees add to some serious cash flow and cause only a minor irritation for most of their customers.

It really doesn't seem enough to fight about. There are some "overdraft" fees, up to a couple of three-dollar ATM fees. It doesn't seem enough to merit more than a little grumbling.

Coupled together, however, fees and overdrafts are some serious money. For example, in 2009, even as consumers were being stretched to the financial breaking point, banks alone collected a record $ 38 billion in overdraft fees, nearly double the amount collected in 2000!

As a result of the public uproar against these fees, the government had to issue more rules, the rules were cut a bit due to comfortable, symbiotic relationship banks. This relationship allows banks to steal money from consumers and help our tax dollars at the same time.

The issue of bank scams and hidden charges is an important one, especially when you consider that every penny you receive from them is one that will not be in your retirement account.

I strongly believe that by doing some simple tasks, you can avoid these fake charges and charges and keep more of your money for yourself.

In this article, I would like to focus on some common and non-common ways that banks are reaching into your pocket and show you how you can avoid falling prey to these difficult legal issues.

But to see how banks are stealing your money legally, I would like to inform you that if you want to check the details of a bank you can get it from BMO Harris Bank Routing Number.

10 Ways Banks Are Legally Stealing Your Money and What You Can Do About It:

1. Fees to pay online
In the past few years, buying online has become very large, a fact that banks have not had. Already, some banks are charging "online convenience fees" anywhere from $ 2- $ 4.95 for purchases made over the Internet.

Other banks are seeing this as a potential mother of revenue. Before you use your credit or debit card online, confirm that your bank does not charge online transaction fees.

2. Free Checking "Low Balance" Charges
You have been a good customer, carefully managing how and where you use your ATM card to avoid those pesky overdraft penalties to manage your checking account.

Keeping track, going paperless to maintain an account Maintenance fee. congratulation! Your frugal methods have earned you an extra free. The so-called "low balance" fee to maintain a minimum balance.

Make sure you know the minimum balance requirements of your bank or, if possible, change to a bank that does not require a minimum. You can also try adding your checking and savings accounts so that the combined amount is always above the limit.

3. Monthly Maintenance Fee
You receive your allegedly "free" checking account and find that after several months it has been phased out and converted to another type of account that charges a monthly fee, sometimes $ 15 as much. Treatment: Change banks or transfer your money to a credit union.

4. Deposit refunded the fee
A rubber check gets deposited in your account and you are charged for it, which means that you are scammed by both the check writer and the bank! Well, cure fight-free. Banks often retreat when you notice their abusive methods.

5. Annual membership fee
It used to be limited to credit cards, but with credit card revenue declining, what does a poor bank have to do? Some banks have decided that the service they provide to their customers is valued at $ 29 per year. I say, "No way!" If your bank wants you to pay them, they can charge you more - leave them early and don't even say goodbye.

6. Deposit requirements
To check account profitability, some banks require that you have a specified amount in monthly direct deposits. If you fail to meet these requirements, there is a reduction in maintenance fees. Avoid going to an online bank or credit union.

7. ATM usage fees
Most banks do not charge for receiving money from their own ATMs. Avoid using other banks' ATMs and in convenience stores where privileges cost you five dollars per Transaction can cost as dollars.

If you have to get cash from an ATM, get the maximum amount because the same fee applies whether you get $ 20 or $ 200. Getting your cash directly from the bank and using your debit card to pay for items can also help reduce ATM fees.

8. You are coming and going Close your account fee
I don't give you a kid, there are banks that actually charge $ 25 if you close your account before a certain time. When you penalize it for closing, be sure to see the fine print to see that you open a checking account.

9. A Traveling Life for Me and Yet Another Fee
If you travel abroad and use your ATM or debit card, it is reasonable to expect that you will be charged an ATM fee. However, what is not appropriate is the additional "foreign ATM transaction fee" by some banks.

If you are afraid of carrying large sums of money while traveling, traveler's checks may be an option. Even with fees, they will cost you less than using foreign ATM machines.

10. Debit Card Fee
There used to be no charge associated when you use your debit card to pay for an item. After all, banks were scamming money from credit card interest and were not worried about debit cards as a source of revenue.

However, the recession has changed things, and a growing number of banks are charging you monthly fees for the privilege of having a debit card whether you use it or not. Find out if your bank charges you and demands that they stop or change the bank.

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