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FDIC Consumer News
Special 10th Anniversary Edition - Fall 2003
You Can Pay Less in Bank Fees
You can't expect something for nothing. After all, banks are for-profit businesses, subject to taxes and the demands of stockholders. Still, there are things you can do to limit the fees you pay. Examples:
- Review your monthly mailings and see how much you're paying in fees. Ask your banker about ways to reduce or eliminate those charges.
- Compare your bank's costs to those of a few competitors every few years. You may find a great bargain elsewhere or discover a better deal at your current bank. When comparison-shopping, concentrate on the accounts and services you actually use. Don't be concerned about analyzing every product or fee you see listed.
- Look into special deals, such as for customers who have multiple accounts at the bank, maintain a certain balance, arrange for direct deposit, or do a lot of banking electronically.
- Limit or avoid "surcharges" (access fees) at the ATM by using your own bank's machines or those owned by institutions that don't charge fees to non-customers.
- If you're a good customer with a clean record, ask if your banker might be willing to refund a fee for a late payment, a bounced check or some similar offense. You also might be able to get a lower interest rate on a credit card or other loan.
Excerpted from "You Can't Expect Something for Nothing... But Often You Can Pay Less in Bank Fees," Summer 1998.
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