Just read that the average person spends over $1,200 a year on bank fees without even knowing it

I was looking at a report from the Consumer Financial Protection Bureau last night, and that number hit me. It's not just the obvious monthly account fees, but all the little ATM charges, overdraft fees, and wire transfer costs that add up. They said most people could cut that by more than half just by switching to a credit union or an online bank. I checked my own statements from the past six months and found $87 in fees I didn't even notice. How is that even allowed? Has anyone else actually sat down and added up all their random banking charges?

3 comments

3 Comments

willowh2016d ago

Eighty-seven bucks in six months? That's insane.

wells.olivia15d ago

Depends what you're buying though... that's like a coffee every two weeks. Some hobbies cost way more than that.

susan64915d ago

Wasn't there a study about how small regular purchases add up faster than people realize?