Page 30 - The Costco Connection - October 2018

Federal law states that bank
fee disclosures must be
presented in a format that
allows consumers to readily
understand the account terms.
CONSUMER
CONNECTION

by AMANDA HOROWITZ
Y ou can’t totally avoid bank Mind

account charges and ser-
vice fees. What you can do
is be aware of the options
available to minimize them. the fees
Here are some tips from Fight
Back! and the executive team of
business management firm Be aware of bank
Gettleson, Witzer & O’Connor:
• To avoid ATM fees, choose a fees you’re paying
bank with owned and affiliated ATMs and take steps to
(called “in network”) close to places you
frequent. If you travel within the U.S., CHRIS A RUSNAK minimize them
check whether your bank has multistate
branches or affiliates. If you must use an fers and payments that can be made from
out-of-network ATM while on a trip, take savings accounts. If you exceed six per
out larger amounts so you won’t have to monthly fee period, you could be charged
pay multiple ATM fees. Also, you can try to an excessive-activity fee.
avoid ATM charges by opting for cash back • Keep at least percent over the
when using your debit card at a retailer. minimum balance required on an account
• Don’t get charged for closing an to avoid accidental overdrafts.
account early. Make sure you keep a bal- • Sign up to get low-balance alerts
ance for the minimum amount of time the from your bank by email or text to avoid
bank requires, generally –—˜ days. Check overdraft and nonsufficient fund fees.
with your financial institution for details. • Ask your bank if other account types
• Be mindful of how your activities could reduce your fees. Shop banks or JERRAD MATTHEW / © AMANDA HOROWITZ MEDIA
could result in bank fees. Examples are credit unions for account alternatives.
returned-mail fees from undeliverable Amanda Horowitz
mail because you moved without telling Disclosure requirements is a writer, business-
the bank, paper statement charges Although, ultimately, you are respon- woman and owner
because you did not elect online-only sible for understanding what you are of Fight Back! She is
alternatives, wire fees when you could signing up for, your bank must disclose the daughter of Fight
Back!’s founder, David
use ACH (Automated Clearing House, the terms of an account and the fees Horowitz. Fight Back!
a financial network used for electronic associated with a deposit account when it’s has received multiple
payments and money transfers ) or a established and give you advance notice Emmy Awards and
check, or inactivity fees because you kept about fee and term changes. According over 400 awards
an old and unused account open. to the Consumer Financial Protection from government and
• Use a third-party check printing Bureau, the main disclosure exception is citizen groups and
has helped to draft
service instead of banks’ typically higher for variable interest rates; banks are not over 50 pieces of
costs for printing checks. required to give you notice. consumer-related
• A federal regulation places a limit on legislation in America.
the number of certain withdrawals, trans-
Email
connection@costco.com
Please include “Con-
Getting help sumer Conn ec tion”
Financial Protection Bureau state’s bank regulator in the subject line.
If you think a bank has been (consumerfi nance.gov); the (consumerfi nance.gov;
unfair or misleading, dis- appropriate federal search “how do I fi nd my
criminated against you in regulatory agency listed at state bank regulator”) or
lending or violated a federal the Federal Financial your state’s attorney general
consumer protection law or Institutions Examination (naag.org; click on “Attor-
regulation, you can fi le a Council’s Consumer Help neys General”).—AH
complaint with the Consumer Center (‡ ec.gov); your

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