Beware of sneak attack bank fees

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Beware of sneak attack bank fees
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While you’ve been enjoying a little vacation, your bank was hoping you wouldn’t notice they were trying to pull another fast one on you.

Read more: 2 reasons to never use a debit card at a gas station

Bank fees: Ruining your fun in the sun

Banks use December and August as two of their favorite months to hit you with sneaky fees. How do I know this? Years ago, a listener who happened to be a disgruntled bank employee shared a trade publication called Fee Income Report with me. In the pages of Fee Income Report, bankers exchange tips about ways to take advantage of customers via fees.

I learned from the publication that banks typically raise fees and change terms and conditions twice a year: Once during the summer (usually in August) and then again around Christmas. Why these two months? Because those are the two times of year when most people are out of their routine and focusing on family and vacation. Perfect times to stick you with a gotcha, right?

People are so busy this time of year that they’re often not checking their bank statements and credit card statements. Bad move. You’ve got to check your statements each month, line by line. You are now warned this is one time of year that banks are going to try to eat you up!

Read more: Don’t give out your Social Security number at these places

 

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Clark Howard About the author:
Clark Howard is a consumer expert whose goal is to help you keep more of the money you make. His national radio show and website show you ways to put more money in your pocket, with advice you can trust. More about Clark
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