Misunderstood Bank Fees

Understanding bank fees is a full time job. Tellers often get the story wrong, and the regulators can't even get the straight story.

The Government Accountability Office (GAO) recently did a study on how bank fees are disclosed to consumers. They walked into banks and asked. According to the Marketplace podcast

"Twenty percent of the time, they failed."

What does this mean? You never know what you're going to pay until you see it happen. Not exactly what we were hoping for... To improve your chances, bankers suggest asking a new account representative if you want to get the lowdown. Tellers and other employees may not know all the details on fees.

For more information, listen to the story (MP3 file). You can also help spread the word by telling us what you pay in on our bank fees reporting page.

Further reading:

• Marketplace Podcast
• Bank Reviews