Don’t Let Those Bank Fees Sneak up on You
Do you know how much you’re paying in bank fees every year? ATM, overdraft and checking account maintenance fees add up, and you will be shocked to learn how much the average American consumer spends each year. Banks are pocketing upwards of $33 billion on overdraft fees alone and unsuspecting consumers are losing their hard-earned money.
Bank Fee Finder is a free reporting service created by Chime, a bank account that helps consumers avoid unnecessary bank fees and automates their savings. A customer can connect their bank account to this platform, and receive a free, personalized report itemizing how much they’ve paid in various bank fees compared with the national average. Bank Fee Finder looks at a customer’s past 48 months and analyzes how much they have paid in ATM, monthly, overdraft, and other fees. “Other” fees include late payment, fraud, dispute, foreign transaction, wire transfer, cash advance, and excess activity.
According to a report that exposes these hidden bank fees, the company found that Americans pay $329 annually in bank fees on average. According to Common Cents, a financial research lab at Duke University, most people are unaware of how much they spend. In fact, most people surveyed reported paying only $5 per month. Overdraft fees contribute to the problem. By law, banks are required to allow consumers to opt in to allow their accounts to be overdrafted (if they don’t, their transactions would be declined) but a shocking 52% don’t remember opting in to overdraft coverage.
A sampling of average annual fees uncovered by Bank Fee Finder has some shocking results: $665.57 at US Bancorp; $497.18 at Bank of America and $302.50 at Wells Fargo. No wonder bank profits are on the rise!
At Billshark, we’re rooting for the consumer. We believe in empowering consumers to take control of their finances. We want transparency in every industry which is why the Sharks encourage consumers to know what they’re paying in sneaky fees. Check out Bank Fee Finder here: https://www.bankfeefinder.com/bff#/home.