Credit Card Fees: 5 Things You Should Know

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When I go to the ATM, I often see confused looking people trying to get money from their accounts and there are apparently no funds. The banks know how to separate you from your money by fees and fines. They have very talented financial people on their side. The public doesn't stand a chance. I have no affiliation with this author, but there is a great book by Bob Sullivan called "Stop Getting Ripped Off". Mr Sullivan talks about how the interest is calculated on credit cards and that people should pay earlier in the billing cycle (before they even receive their credit card bill), and if they are going to charge, make the purchase toward the end of the billing cycle. The savings are quite impressive. Mr. Sullivan provides charts in his book. Everyone should have this book and the other top 5 financial survival books.

kaybtt of CA 5:58PM April 07, 2010

Why do i have to pay for the use of ATM , I am getting my own money which the bank has and is using . I have to pay two different fees if i do not use my own bank .
Why is American public being Robbed ?
Where in the h*&l is Congress ? Just looking out for themselves ....

john david of MA 3:36PM April 06, 2010

I understand that the banks are not responsible for your account. But at the same time they reorder the monies coming in to get them the greatest amount of money. this happened to me. I had a charge that I did not authorize to be withdrawn until the next day. The money was deposited in the account as cash, but since I made the deposit after 3pm it was not going to be credited until the next day (so it showed on my balance but not my available balance). But the merchant put the charge in on the evening prior to the day it was authorized to go in. At 7pm at night. I had several small purchases that had came in earlier in the day that I had plenty enough money to cover. The bank reorder the way the transactions came in. They put the highest transaction first (the one that was not authorized and posted at 7pm) causing all the smaller transactions to bounce even though they had came in many hours before. They charged me a $35 over the limit fee for each of the smaller transactions. AND THE MONEY WAS ALREADY IN MY ACCOUNT AS CASH. And the bank only gave me partial credit for these fees even though I have been banking with them for 20 years and I have never bounced by account before.

Shanna of MD 8:58AM April 05, 2010

I have been working for a bank for about 10 yrs now. I do not agree to some of the rules but hey, i only work there and it pays for my bills. as far as insufficient fees are concerned, when you use your bank checkcard thats is linked to your checking, it is not the banks responsibility to keep tabs of your accounts balance. when using your checkcard for payment transactions, make sure that you have done your own accounting in your account to ensure that you dont overdraw your account. Merchants have about 5(or might be 10, i have not worked in retail for 2yrs now)business days to process your payment. So if you purchased something on the 1st of the month for $100.00 and you have a balance of $300, your charged transactions will be authorized. when you check you balance 3days later, you'll see that you still have $200 left in your account and your withdraw $150. In the next day the merchant you paid $100 4 days ago processes your payment with their bank. Now your bank must pay that merchant under the law. Your account is now overdrawn and you are now tagged with the fees. Its not your bank fault that you cant count how much money you have, so they charge you. i would suggest to everyone to stop using your atm/checkcard when making a purchase. use a credit card. and if your worried about credit card bills then pay it off right away. do not wait for the bill, just pay the exact amount you used the credit card for. Bank are making things convenient for everyone because that is their way to survive. your mistake is how they make money. its up to you to not let that happen.
goodluck!

cj of CA 5:27PM April 04, 2010

http://finances101-cathyharris.blogspot.com/2009/11/credit-card-fees-5-things-you-should.html
you are not credited for your article, she posted it as if she wrote it

Mike of MD 4:54PM January 05, 2010

When I first opened my bank check account with BANk OF AMERICA, I clearly instructed the bank that under any circumstances they should authorize any purchase or transaction if there were not sufficient funds in my account to cover for that transaction or purchase. I was some twenty five hundred miles away from my bank when the bank authorized a transaction knowing that my account did not have sufficient funds to cover it. Later on the bank notified me that within three days they would charge my account additional some $39.00 more if I would not cover the portion that was over the limit. This portion was some $14.00 or so dollars. I took my computer and asked the bank to give me 4 or five days to do so since from where I was, I could not do any thing and to take into account that within those days my Social Security check would be deposited into may account as usual and that would take care of the problem. THE BANK DID NOT WAIT AND WENT ON WITH HE CHARGE
When I came back from my trip, I went to my bank here in Jonesboro, Akansas and requested to have the Issuficient fee waived and I was denied that. I pointed out that it was my first offense ever since I opened my account. The answer was "SORRY, THERE IS NOTHIG WE CAN DO". I lost some $78.00 along in this deal with the bank. They did not care that I was a Senior Citizen receiving an small monthly check from Social Security and that there was a country wide economic problem.
Banks only authorize small purchases on insufficient funds accounts. They never do it on purchases that will be $75.00 or over the limit of the account.
The general rule for the banks should be: IF YOU DO NOT HAVE THE FUNDS, YOUR PURCHASE OR TRANSACTION WILL NOT BE AUTHORIZED. Also, banks MUST operate charges and deposits in accounts, IN THE ORDER THEY HAPPEN. By manipulating this charges and deposits, they are able to disrupt the account and make charges for INSSUFICIENT FUNDS FEE to their advantage.

Julio Penedo of AR 12:06PM October 22, 2009

We went to a cash/check system at our salon. The bank fees for the credit card were outragous, plus we have to pay a monthly fee to have the machine in our shop and a fee per swipe, and extra cost if our Canadian friends us an out of the country card, plus the rewards fee is more. It got crazy what we paid to the bank per year in fees. So we put up a sign and went to cash only. I already gave the bank my SS money for the bailout, I'm not going to continue to help them out!

Kathy of FL 6:57AM October 22, 2009

I agree with Michael. Buyers do have options and one of the best options is to join a credit union. There are credit unions in every state that serve the average guy. They usually have lower fees and better rates. If you are looking for the best bang for your buck join a credit union. We have debit cards too. To find a credit union go to http://www.creditunion.coop/cu_locator/quickfind.php

Roxi of MN 11:32AM October 21, 2009

I am sure that stores are passing on the charges to the customer. It is simply another expense/cost of doing business. I wish the customer paid the fee, as I try to pay cash for most everything (Envelope budget). Therefore-I am paying the cost of the "convenience" of others.
When I went to the county to get license plate renewal-they DID pass along the fee to the customer to use plastic. Amazing that the government is ahead of the game!

LM of CO 1:21AM October 21, 2009

I am sure that stores are passing on the charges to the customer. It is simply another expense/cost of doing business. I wish the customer paid the fee, as I try to pay cash for most everything (Envelope budget). Therefore-I am paying the cost of the "convenience" of others.
When I went to the county to get license plate renewal-they DID pass along the fee to the customer to use plastic. Amazing that the government is ahead of the game!

L of CO 1:20AM October 21, 2009