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October 7, 2015
You can be one of those great people who make a budget and stick to it every month and still come out a little bit short. You may ask yourself how this can be happening when you have kept track of every purchase you have made and every dollar you have brought in. The problem may actually be right under your nose in sneaky fees.
While you may be aware of the fee the ATM charges you when you get cash you may be unaware of the cost your bank will charge you for using an ATM not owned by their bank. For instance, let's say you bank at Wells Fargo and use a generic ATM at say a gas station that ATM might charge $2.00 and you will also get get a $2.50 charge from Wells Fargo. If you ended up just taking out something small like $20 then that $20 just cost almost 20%. If you live in a city like New York you can end up at places with ATM fees up $6 along with the bank fee.
One way you can avoid this is by using an ATM associated with your bank, by getting cash out at your bank, or by getting cash out at places like Wal Mart or CVS when you are already making purchases. By doing this you can avoid fees altogether and save money on your money.
One fee that sneaks up on people is annual fees. This can be your fee for a gym or even your credit cards. While this fee may not be one that you can avoid it can be one that you prepare for and the way to do this is by simply calling your credit or gym, or bank and see when those fees will be taken. By doing this you can know when the money will due and you can budget properly.
Most people are unaware that if you have a bank account and don't have direct deposit or don't have enough balance in it you may be charged a monthly maintenance fee. While this fee may be small like $12 or so it still $12 you may need for some thing else.
The only way to avoid this is to work directly with your bank in either opening a different type of account or seeing what qualifications need to be met to avoid the fee.