A segment on the Today Show this morning warns consumers to watch out for hidden fees and gives advice on what to look out for. According to the story, it is estimated that U.S. consumers collectively pay at least $216 billion in financial fees each year. That works out to about $750 a person in miscellaneous fees.
Fees on credit card bills
- Late payment fees: $19-$39
- Over the limit fee: up to $39
- Default rate: over 30 percent APR
Fees on checking accounts
- Bounced check fees: $35-$45/check
- ATM fees: up to $5.50/withdrawal (up to $3/each from issuing bank, up to $2.50 from own bank)
- Check copy: $3-$10
Is there any question why payday loan customers appreciate the option?
