Issue Date: April 5, 2009
MoneySmart |
WALECIA KONRAD |
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Fight sneaky bank fees
Get to know your bank manager now; you may need his help with unfair charges later.
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Many banks, shell-shocked by the financial crisis, are relying on fee income more than ever -- say, $3 a month for canceled checks, $5 for a replacement ATM card and $2 to use a teller instead of a machine. So examine your statements carefully, says Bob Sullivan, author of "Gotcha Capitalism" and MSNBC's consumer expert. Other tips:
Visit your branch regularly. If you put in some face time, then the manager might be more likely to respond to complaints and to waive fees. Calling customer service? Do so during business hours, when managers -- who have the authority to waive fees -- are the most likely to be working.
Use electronic banking. For example, download free copies of canceled checks to avoid teller charges.
Limit debit card use. It's easy to lose track of your spending. To avoid overdraft fees -- now averaging $27 a pop -- use cash or credit cards for everyday purchases. Hard to believe, but there's actually an upside to all of the bad economic news.
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