5. The Basics
With the abundance of "free checking" offers, basic charges for maintaining an account or dropping below a minimum balance have become less common. These charges vary dramatically among different banks and accounts.
If you're getting pegged with such fees, and want to switch to a new type of account, make sure you're aware of any charges associated with the new one -- and with switching.
There can also be charges for other remnants of Old World banking, like paper statements or paper copies of processed checks.
6. Late Payments
When credit card companies receive payments late, they tend to tack on a fee, usually around $35. If you're paying bills online, don't assume that the day you issue a payment is the day it posts. That's not always the case. Payments can take up to five business days to clear, which means that initiating them early is key.
Some Web sites automatically set the payment date to the due date, so double-check that digital calendar when paying online. You also can schedule automatic payments that will at least cover the minimum balance with ample time. Otherwise, call your bank and your credit-card company to figure out the right day to pay and set a reminder for yourself.
7. Stopping a Payment
Most banks charge a fee of around $20 to $30 to stop a payment from processing. In avoiding the fee, time is of the essence.
The best bet is to call your bank as quickly as possible and try to negotiate a fee-free courtesy. With online payments, if you realize the error quickly, your bank may be able to halt the process without a charge. Stopping paper checks is trickier and will likely not be free because of the added effort and risk the bank takes on to track down the check manually.
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Lauren Tara LaCapra
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