Most Hated Fees and How to Avoid Them:
Fee for using an ATM not associated with your Bank, Financial Institution or Network. Fight Back!: Download Smart Phone apps that help you locate the nearest ATM in your Network (Bank of America, Chase, Wells Fargo all have apps). Another Tip is to buy a small item such as a pack of gum at Walmart and get cash back on your debit card at no fee to you unless your card issuer charges you to use your debit card as a debit card.
Fee to cancel cell phone contract to change to another carrier. Fees range from $150 - $350 per contract. Fight Back!: Stick it out with your carrier until you know your contract is up, then switch to a prepaid account or try to talk your way out of the fee if you have documented proof that you have received poor service. You can always threaten to file a complaint with the Better Business Bureau online (while you still have service with that carrier). Canceling your contract and not paying the cancellation fee will result in a black mark on your credit file causing your score to drop.
Checking account Monthly Fees. The average cost for an interest bearing checking account for 2009 was $12.55 per month. Fight Back!: Choose Free Checking while it still exists; place your excess cash in savings and transfer to checking online as needed which frees up your cash for other investment avenues as well. Be sure to download Smart Phone apps for your Financial institution and for online access to your account so that your alerts are in place and you will be notified by text and email when your account falls below a certain amount to avoid even uglier fees.
Bank Overdraft Fees. Checking account overdraft/NSF fees can range from $25 to $40 per item (not just paper checks anymore) and "auto" transfer of your money completed by a bank computer to take money from your savings account and move it to your checking account fees range from $10 to $20 per "auto" transfer. Fight Back!: Sign up for your banks website for email and text message alerts to tell you when your checking account falls below a certain amount. That way, you can deposit cash before a certain time (say 4pm) or transfer from your savings account yourself online for free.
Fee for not using your credit card or not using it enough. Fees are being levied on card holders that don't charge much to their credit cards. Fees range from $40-$60 per year per cardholder. Fight Back!: Look into switching to a card issued by a credit union because they typically charge fewer fees or switch to a debit card advertised within this blog that fits your current criteria and needs if you use your account sparingly or if you want to refer others and make a commission of up to $20 for you and $10 for your referral (terms and conditions apply for each offer).
Fee to close your Home Equity Line of Credit (HELOC). If you close your HELOC within three to four years of opening it, you could very well be charged from $250 to $750 for doing so. Fight Back!: Keep the line of credit open even if you don't plan to use it or ask in advance if they will wave the fee if you refinance your mortgage.
Fees to close your IRA or Brokerage Accounts. Fees range from $50-$200 depending on the account. Fight Back!: Appeal to the company you want to move your account to because many will reimburse you the fee you encounter to do so. After all, the fees are always negotiable.Annuity fees for Variable Annuities. Fees tend to range from 2-3% on these tax deferred annuities. Fight Back!: Go with a lower cost immediate annuity. Already in a variable annuity? Check out the "Surrender" charges before switching.Mutual Fund Fees 12b-1s which is being charged to help fund their advertising of the fund you are investing in.
Fees average $5.80 per $1000 invested yearly. Fight Back!: Move to a fund that doesn't charge 12b-1s like Vanguard Funds. When shopping for funds, keep the total expenses under 1% for actively managed funds; 0.3% for index funds.
Fee for checking your luggage before your flight. Fees range from $15-$45 for the first bag, $25-$35 for the second one. For a family of four, these fees can easily reach $200 one way. Beginning August 1, 2010, Spirit will begin charging $20-$45 for each carry-on and others are sure to follow soon after. Fight Back!: Use an airline that gives you one free checked bag per flight or pack lightly in a soft sided carry-on bag with exterior dimensions of no more than 45 inches and length no more than 21 inches.
Saving your hard earned money by making wise decisions about your finances shouldn't be rocket science! The purpose of this blog is to help you save money by choosing the right road for you, to increase your savings and make some money along the way as well by signing up for one or more Prepaid Debit Cards and receiving sign-up bonuses and referral commissions. Feel Free To Contact Us Anytime at: info@FreeDebitCardStore.com
Cancellation of A Contract : If you want to cancel the mobile contract and don't like to pay the termination fee for your cell phone plan or if you do not have money to even makes payment for the termination fee, look for someone who will be willing to take over your contract, sell it and transfer the contract to him. Ask a friend, a family member, colleagues or even neighbors, who knows there's someone who might be interested. You can also try advertising at free newspapers or circulars that often lists swapping, buying or leasing items.
ReplyDelete