Is Your Bank Sneaking New Fees Onto Your account? Ways to Fight Back

List: Posted: 10/14/11

Banks like to spend a lot on advertising that says that they're all about serving their customers, but most people know this is nonsense.  As if customers needed more proof, banks are about to get 'creative' again where fees come into play.

 

Some of the largest banks in the nation — including JPMorgan Chase and Bank of America — are both about to launch new programs designed to charge you more for the same services you've been getting for a very long time.  Some of these fees will be avoidable and some won't.  Here's a summary.

 

New Checking Fees

 

You can pretty much kiss free checking goodbye.  Bank of America has already gotten rid of it in three states and it's likely that the rest of the banks will follow suit, if this works out for BoA.  Consider moving to a bank that offers free checking if yours takes it away, and make sure you tell them exactly why when you did.

 

Watch Out for ATM Fees

 

Banks are considering raising the fees they charge on ATM transactions for non-bank customers.  Some are also considering putting a limit on how much can be withdrawn via debit card by their customers.  Stay with ATM machines that charge lower fees or dump your bank if they're going to put limits on how or when you can withdraw your own money.  Again, make sure you tell them why you're leaving.

 

Talk to the Manager

 

You may, in some cases, be able to talk a manager out of assessing new fees to your account.  You'll have to threaten to leave and you'll have to mean it.  This will probably only work if you have a pretty substantial amount of money in the bank, though.  If you have $200 in a free checking account, don't expect much.

 

If you can stomach it, consider adding more business to the bank in exchange for lower fees.  If you have a bigger account or do more business with them, they may reduce the fees they charge you.

 

Go Local

 

Where fees are concerned, the bigger banks are often the targets of their customers’ ire.  Consider going with a local bank or with a credit union where you may be treated a bit better.  This is another case where you should take the time to let the bank you're leaving know why you're leaving and where you're going.

 

Use Bill Pay Services

 

Some banks offer bill pay services.  If you sign up for them, they will sometimes reduce your fees on other products, simply because you're using more of their services.

 

The most important thing with avoiding these fees is understanding that you do have a choice in where you bank.  There are always other banks to go to and most of the banks that are imposing new charges on their customers are hoping that those customers simply won't notice what's going on and will continue banking with them, unaware.

 

The largest banks may have the most advertising and the most noticeable buildings in town, but be sure that you're paying attention to smaller banks that may treat their customers much better.

 

Credit Unions

    Navy Federal Credit Union is the world’s largest credit union and proudly serves members of the military, DoD, and their families providing solutions in banking and other financial needs worldwide. Learn more about our services such as auto loans, mortgage lending, and top rated credit cards. Join today!

    • 44315 Ice Rink Plz
    • Ashburn, VA 20147
    • (888) 842-6328

      TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.

      • 1264 Elden St
      • Herndon, VA 20170
      • (571) 203-0279

        Since 1924 Middleburg Bank has provided financial services to individuals, families and businesses across Northern Virginia. With locations in Ashburn, Leesburg, Middleburg, Purcellville, Reston, and Warrenton, we provide services in online banking, investment management, and business financing to meet your financial goals. Through our personal service and strong client relationships, we've earned the distinction of being Neighbors You Can Bank On.

        • 43325 Junction Plz
        • Ashburn, VA 20147
        • (703) 723-4690
        • 43650 Yukon Dr
        • Ashburn, VA 20147
        • (571) 223-2287

        The material in this article is for informational purposes only. The views expressed in this article are those of the author and do not necessarily reflect the views or opinions of Local.com. See Additional Information

        More about local.com Features

        Socialize With Us
        Business Top Searches
        Recently Added Coupons

        Copyright 2017 Local.com Ltd - US Patent 7,231,405 - Privacy Policy - Terms of Service
        Advertise with Us - Claim Your Business Listing - Contact Us - FAQ - Site Map - Some data provided by Acxiom.