Ten Strategies to Fight Bank Fees

Banks' Web sites are not always helpful either. To review all the terms and conditions of Washington Mutual's(WM Quote) "free" checking account online, for instance, one must first "complete the account opening process." A customer-service representative reached by phone also could not find a fee disclosure statement online.

Credit unions tend to be more consumer-friendly than large chains, says Greg Daugherty, executive editor of Consumer Reports, although they tend to have fewer branches and services. "The trick for consumers is to find the right mix of services and conveniences that you really need without the fees that you don't need," Daugherty suggests.

Informed consumers can protect themselves better than those who sit back and let the fees pile up.

Here are the top 10 ways your bank might be sapping your cash and how you can protect yourself from the onslaught of charges:

1. Overdrafting

Most major banks automatically enroll consumers into a program in which the bank will automatically cover checks or debit charges up to a certain amount, even when a consumer has insufficient funds. The perk is that consumers don't have to pay merchants for bounced checks and their purchase is covered. The catch is, these mini loans don't come free.

Banks typically charge $20 to $35 each time a customer tries to withdraw more than they have in an account. Opting out of this feature is tricky and not always possible. Some banks also offer overdraft protection, which transfers funds from another account with cash to the one you've overspent. This service also comes with a fee, but it can cost less than the overdrafts.