Rising Bank Fees dreaded notices
Rising Bank Fees dreaded notices
Rising Bank Fees dreaded noticesWe've all received one of those dreaded notices via email or mail notifying us of a hike in banking fees. Worse yet, others only learn offee changes after checking their monthly statement. Most increases are small enough to be inconsequential, but when should you decide enough is enough? If you aren't sure if the fees are worth it, there are a couple of tried and true ways to help make the call.
Evaluate Performance,Think of your bank as an employee asking for a raise. Have they met or exceeded your expectations throughout the year? Is dealing with your bank account relatively hassle free, or are constant account fees and automated customer service systems driving you mad? Can you rely on them to help you out when needed?Sometimes banks irritate consumers so much they move their money based on principle alone. Hopefully that hasn't happened to you and you're still debating your options based on cold, hard facts.
Check Out the Competition,This one's the most important, and the most time consuming, unfortunately. But unless you can find a comparable product for a lower price, you may have to swallow the new fee schedule. Fortunately, there are still a few workarounds to avoid extra costs. Most banks will work with you by eliminating a monthly service fee if you sign up for direct deposit or maintain a minimum balance. If you're a student, check out special accounts tailored towards college kids. And there's always the local credit union to consider, too -- many offer surprisingly lower fees than their larger competitors.
Do a Quick Cost/Benefit Analysis,There's no need for an extensive mathematical equation unless you want to introduce one, but try to quickly summarize what the extra fees will cost you annually. Also sum up the total bank fees you're paying per year and compare it to offers from competitors. That's the cost.Once you've got a hard number down, determine the hassle and time involved if you do decide to switch banks. Hopefully this is a no brainer and your annual fee increase isn't much. But if it's a substantial figure, balance the amount of money you'll save versus the time it takes to transfer money to a new bank. Fortunately, the advent of online banking makes transfers much faster than before, but that may not be much consolation if you've got over four or five accounts to switch.After determining the approximate annual cost and benefit, you should be in a better position to determine what path makes sense (no pun intended).
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