Fees and charges are a common part of doing business with any financial institution. However, there are some that you may be missing. Here are 3 common charges that you might be missing, according to Tamsen Butler:
- Items you didn’t really cancel. Automatic debit is a great thing. However, in some cases you have to cancel in writing. A phone call may not cut it. Additionally, you may not realize that the automatic debit coming out of your account will keep coming, even if you don’t renew something. Once you sign up for automatic debit, there is usually something in the fine print about automatic renewal, until you actually cancel. Remembering to cancel something according to the requirements is a necessity.
- Hidden fees from your financial institution. You may not realize that you are being charged a maintenance fee. Or, perhaps you didn’t understand that getting a new debit card comes with a fee (even when it’s just replacing an expired card). There are a number fees that you should keep an eye out for.
- Someone charging money on your account. Many identity thieves don’t go on an immediate shopping spree when they get access to your account. Instead, they may made small, unnoticeable purchases, just to test. After a couple weeks, the party might really start when the account remains open.
The best way to catch these charges is to check your bank statement every month, and make it a point to log onto online banking at least once a week to see if anything new is popping up in between statements. Keep track of your spending on your own as well, so that you can compare.