submitted by Joseph J. Tryon, Jr., President, Hatboro Federal Savings
Many banks in this area are inventing brand new fees to stick you with…and raising the ones they dreamed up years ago. Fortunately, there are ways to avoid these new gotchas.
Debit card fees – Starting in January 2012, many banks will begin charging their customers a monthly debit card fee for purchases.
ATM fees – If you use an out-of-network ATM machine, be prepared to pay a fee. This may be unavoidable if your bank’s ATM network is limited to a small geographical location, like just in Bucks and Montgomery Counties.
Checking account fees – Two years ago, 75% of all banks offered free checking. Now, fewer than half do. And the fees keep mounting. Today, 60% more bank accounts carry fees and balance requirements than a year ago.
So, what can you do? Well, if you’ve had enough of your bank siphoning your money with new and higher monthly fees, consider dumping them and look to a smaller community bank for relief. Many community banks do not charge fees for using debit cards. And you can find out which ones simply by going to their Web site and poking around.