The Finance Castle Rotating Header Image

Why You Need to Be Vigilant With Your Bank Account

If the economic turmoil of recent years is any indication, one thing that certainly seems to ring true is that the old model of banking just isn’t working as well as it used to. Banks across the world have faced huge losses after a number of investments that turned sour, and since that occurrence they have been scrambling for ways to make up that lost revenue. As you might expect, this hasn’t come in the form of pay cuts to the CEOs, but rather they are finding ways to slyly charge consumers for whatever services they can come up with. As such, you’ll need to be watching your bank account more closely than ever.

If At First You Don’t Succeed…


Facing a huge backlash from their consumer base, many large banks like Bank of America have backed away from charging consumers for the use of their debit cards. That hasn’t stopped them from placing new fees elsewhere, though. A lost debit card, for example, will now cost you $5 to $20 depending on how quickly you need it at Bank of America. A U.S. Bancorp has begun charging 50 cents per check for those consumers who deposit via mobile phone. TD Bank will be charging $15 for cash wired into consumer accounts.

Why is it Allowed?

Banks are using these fees because they are not covered by regulators and tend to fly under the radar of most consumers. After all, when was the last time you got up in arms about a 50 cent charge to any of your accounts? The amount seems almost completely insignificant, but it quickly ramps up when you spread it across millions of accounts that utilize the service everyday.

What to Do

Always check with your bank for a full review of the fees that could ever be charged to your account for whatever services you may need. If you find your bank charging much more than it used to, consider switching over to an electronic bank like ING direct or to a credit union, where fees tend to be much more manageable. The world of finance is becoming a more dangerous place for everyone, so it’s best to be prepared.

best custom essay

Comments are closed.