Here are few tips that can save you $100 or more in unknown fees that are being charged by the banks and some utilities companies without the knowledge of customer. Lately, Customer have become cost-omer for banks and utilities companies to pass on the cost on the economic slowdown.
Below are few listed companies and bank that charging unknown fees without letting consumer know about it. The cost may look small on monthly basis, but calculating on yearly basis, it can range from few $100 to $1000 depending on how many account one has.
1. Bank of America: Charge monthly maintenance fees of $12 unless you fulfill their requirement, yearly its $144 and in 5 year its $720.
2. Citibank: Charges $15 monthly fees if you don't maintain $6000 minimum balance in e checking account. Yearly its $180 and 5 year its $900.
3. Many bank charges $2 for paper statement. Yearly its $24 and 5 year its $120.
4. Time Warner Cable charge $3.95 to rent cable modem, which was free until October, 2012. Yearly its $48 and 5 year its $240.
This are few examples of unknown fees that may appear on your bank or utility statement. So check it once before paying and avoid the lazy way of paying it automatic bill payment. Also, Cyprus banking crisis remind us that one should only keep the deposit in bank that can be insured. Any amount that is uninsured should be transferred to another FDIC insured account.
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| Atleast Banks in US is not like Cyprus. |
Good news about this charges is that on balance sheet, it appears healthy bank and solid companies because companies have found new way of generating money as global economic is slowing down. But, the bad news is that most of the charges do get refunded on the threat of discontinuing the service.
"Best way to save money is read your monthly statement carefully".
Comparison of Different Bank charges:
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| Most of this charges still exist. So check with your bank. |
