You Pay How Much?

Since banks aren't able to make as much revenue from real estate deals and their risky speculations as in the past, they have turned towards charging their customers extra fees. Many banks are introducing financial products, like checking accounts, savings accounts, and loan products, that have 'super-low fees', but these same products are available for no fees at all, and have been for some time.

If you're paying a monthly fee for your checking or savings account, you're paying too much. These products are available for free. You probably don't realize just how many banks are even in your area, so if you do some research, you'll find one that will offer you the same account types for free. Certain additional features, such as debit cards and overdraft protection, should be available for free as well.

Credit cards are offered by just about every bank. Interest rates vary widely, as well as application, annual and late payment fees. Anyone with good credit should demand a card with no annual fees and a low interest rate. Why accept fees when you can have the same card for free? Customers shouldn't accept fees just because a credit card offers reward either, since many cards also have free reward programs. And if the card is rarely used, the fees would likely be more than any rewards gained anyways.

Banks are even starting to charge long time customers who previously had free accounts. If a customer has received a letter from the bank informing them they'll be charged for their account, then the customer should go to their local branch and ask to speak to either a manager or an account representative, and explain to the bank that they will take their business elsewhere if the bank doesn't restore their previously free account. They should explain to them that if that's how they reward loyalty, they will take their loyalty to the bank's competitors. The threat of closing your account is usually enough to get what you want, and what you deserve. Never forget that its your money, not the bank's, and you shouldn't have to pay to use it.