Personal Finance News Thursday 10/25

Phil's Personal Finance Tip of the Day:

5 Annoying Bank Fees to Avoid

Charges are piling up on formerly free checking accounts.

By The Kiplinger Washington Editors

From Kiplinger's Personal Finance magazine, July 2012

Bank fees are multiplying like mosquitoes in summer. Mike Moebs, of Moebs Services, which tracks bank data, says his database includes more than 300 charges for loans and deposits. And many banks are dodgy about their fees, according to a survey by U.S. PIRG, the federation of state public interest research groups.

Many customers, especially at big banks, are getting stung by fees for formerly free checking accounts. At Chase and Citibank, for example, if your account dips below the $1,500 minimum daily balance, you’ll pay a monthly fee of $10 or $12. You can deflect the fee if you arrange for monthly direct deposit, pay a certain number of bills online and avoid paper statements. But you don’t have to jump through hoops if you move your checking account to a fee-friendly community bank or credit union. Find a community bank near you or a credit union at www.culookup.com or www.asmarterchoice.org (see 7 Great Credit Unions Anyone Can Join).

Read more: http://www.kiplinger.com/magazine/archives/5-bank-fees-to-avoid.html#ixzz2AKjQh6R3

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