Let’s Add Up What We’re Hemorrhaging In Bank Fees

Why you might want to figure this out: You know what’s ridiculous? Paying money to use your bank. You know does it? Me, you, and most people we know. (You know who doesn’t do it? Mike Dang.) There are ways to get around this and not pay bank fees, but sounds like a task and a half. So for now, we’ll just figure out how big of a deal this is. Maybe we’re okay with the fees we’re paying for our banks? Maybe it’s worth a few bucks enough to not have to deal with account transfers and reassigning direct deposits and automatic withdrawals and bill pay and PayPal accounts and ALL THAT MESS?! Unclear, right now. And also, unimportant. First: the facts!

How to do it: You have some options. If you’re getting charged fees all the time (ahem), you can just look through your bank account and take notes. Alternatively, you can try to find the information on your bank’s website, but good luck with that. Banks are totally cagey on their websites about their fees.  Another option is getting a human on the phone and asking that human to tell you all the fees on your accounts. This seems like a pretty good bet. But then you have to talk to someone, so … that’s a last resort.

What I figured out from searching “fee” in my transaction history for the last three months: 
Fee for using online bill pay:
$3.95 x3
Total: $11.85

Overdraft transfer fee:
$3 x0 (so far)
Total: $0

Bounced check fee:
$30, $0 (so far)
Total: $0

Fee from my bank for using another bank’s ATM:
$2.00 x6
Total: $12

Fee from other banks for using their ATMs: Varies!
$2.00 x2
$1.50 x2
$1.85
$3 (AT A BANK OF AMERICA, THIS IS BULLSHIT)
Total: $11.85

Total fees paid during three months:
$35.70

Which:
Is not a small amount of money.
I might have to do something about this.
But not right now, obviously.

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3 Comments / Post A Comment

I have a Bank of America eBanking account. As long as I do all my banking online or via ATM (you can deposit checks right at the ATM very easily), and I avoid other banks’ ATMs, I don’t have to pay any fees. I’ve had the account for about a year now and have been able to avoid fees all that time. Also, there’s no minimum balance, AND if you overdraw they will pay it, and if you bring your balance back up to zero within the next 5 business days they won’t charge you a fee.

mishaps (#65)

Why are you at a bank that charges for online bill pay??

IT JUST WORKED OUT THAT WAY. One day I’ll change.

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