Banks are supposed to keep your money and safely take care of it for you. That means you can hand them over your money, and, depending on the account type, allow you quick access to getting it back. They’re even supposed to give you a (measly) sum in interest.
However, banks are supposed to make money out of you too. That’s the reason why they have all these fees, penalties, and fines that are cleverly disguised in options that seem to make money management more convenient for you. And watch out, fees that were previously taken away at account holder’s convenience are now starting to creep back.
Wall Street Journal’s Jennifer Waters highlights 10 ways banks take your money. The 10:
1. Checking account
2. ATM
3. Overdraft
4. Deposit returned
5. Tellers
6. Inquiries
7. Closing accounts
8. Currency conversions
9. Credit cards
10. Annual membership
ATM charges, credit cards, overdraft, and premature account closures are pretty common. The ones that get my eye are charges for human interaction (teller fees and inquiries). It was sort of a scandal back in the 90s but with the horrible state of the business these days, banks just want to make every cent and dollar count.
Lesson: be aware of fees and charges before doing any transaction. If you need to withdraw money, look for your bank’s ATM, use cash as often as possible, and do away with your other credit cards.
