Bank fees can quickly add up to take away whatever money you have left. The rise and expansion of bank fees is enough to turn some people to their mattress for keeping their assets safe. Safe, that is, from the robbers who own the banks. There is something undeniably wrong about a bank charging you for the privilege of your choosing them to keep your money safe. The days of fee-free banking are probably just a pipedream, but if you are willing to make the effort, you may be able to roll back some of the expense involved in allowing a bank to do what your old mattress can do just as well for a lost less. The fact that your bank may well be willing to do these things to help save you money, but make absolutely no effort to share this information with you pretty much says it all.
Waiving Overdraft Fees
In the first place, if you are constantly finding yourself subject to fees for “insufficient funds” do not even waste your time. On the other hand, if you have been a longtime customer at a bank and have no history of overdrafting your checking account, you may be able to avoid paying the $25 or $35 fee for not having enough funds in your account when it unexpectedly arises. Look for a number on your statement for customer service and contact the department in charge of overdraft fees. Remain calm, remind them of your loyalty and the fact that you do not regularly face such fees and ask for them to waive it. If they refuse, don’t be afraid to bring up the possibility of taking your business to another bank. What you do not want to do is get overly emotional. That means the phone call requesting waiving of overdraft fees should be both a tear-free and shout-free zone.
Some of the most ridiculous and exorbitant fees in the world of banking crop up during the application process for a mortgage loan. If you are a first time mortgage buyer, when you sit down to sign all the paperwork, you will be astounded at all the fees involved. Heck, even those who have already been through the process of signing away their life on a mortgage contract can be blown away by the constant repetition of fees. Here is the dirty little secret that banks will only reveal to you under the threat of waterboarding. The key to lowering these types of bank fees lies in getting a print-out of every single fee that will be charged and conducting a face-to-face negotiation with the bank to inquire about which fees are up for grabs and–very importantly–to make sure that the banker doesn’t increase one fee to offset the loss he experiences from agreeing to lower another fee.
Most banks charge you for the statement that arrives in the mail every month. Unless you are some type of Luddite without a computer–and since you are reading this, I assume you are not–you probably keep up with your banking activity online. Either through a computer or a smartphone or a tablet, but you definitely can get all the information contained in that paperwork virtually. If you opened a banking account recently, you may have been informed of the fact that receiving paperwork will cost you a few bucks a month. If not, you may have been informed in an e-mail you immediately deleted as spam. Check your bank to see if they are charging you to send you a paper statement every month and if so, immediately opt for paperless delivery of information only, providing the fee is waived.