Banks raise ATM and other fees
Banking fees are going to be on the rise again after going down in 2011. A recent survey found that costs in pretty much every category have gone up over the last year. That includes ATM fees, overdraft fees and monthly service fees.
Normally, customers try to avoid fees by maintaining a minimum balance in their accounts. However, those minimum balances are up as well from a year ago. In fact, they have risen by an average of 24%.
Financial strategist Clark Hodges says more regulation is the reason this is happening. Hodges told KTRH’s Matt Patrick on Houston's Morning News you might consider going from a big bank to a smaller one, such as a credit union.
“They’re much easier to deal with. I think they are a lot more customer friendly. It’s usually a non-profit deal, so they can offer better deals and better rates,” Hodges said.
Another option, according to Hodges is a service like PayPal.
“A lot of people do all of their banking online anyway,” Hodges said. “If you are dealing with the big national banks you might want to go check out these other ones and see what kind of savings you can find.”
Hodges says if you don't you are going to continue pay more in fees. He says dealing with smaller banks might be easier because of the personal attention they give to their customers, that they might work with you to waive fees from time to time.
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