How to Avoid
Sneaky Fees
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You Can Save $5,363!
Think you've never been charged a sneaky fee by your bank, broker, credit-card issuer or cell-phone provider? Then you haven't looked at your bills very closely. Companies collect billions by nickel-and-diming you. It's time to stop letting them get away with it.
Click through our gallery as Kiplinger.com shows you how to save over $5,000 in six categories and then see smart tactics for dealing with pesky fees in general.
Next: Bank & Credit Card FeesMore From Kiplinger's:
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Bank & Credit Card Fees
Pay Credit Card on Time: $39
Avoid Paying by Phone: $15
Stay in Your ATM Network: $156
Avoid an Overdraft: $28
Total Annual Savings: $238
Calculations are based on one late payment per year and one weekly out-of-network ATM withdrawal.
Next: Investment FeesMore From Kiplinger's:
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Investment Fees
Make 24 Stock Trades With a Discount Broker: $480
Avoid a Quarterly Inactivity Fee: $40
Avoid a Balance-Transfer Fee: $25
Receive Electronic Statements: $24
Get a Fund With 1% Expense Ratio & No 12B-1 Fee: $250
Total Annual Savings: $819
Calculations are based on two stock trades per month at $10 per trade, and $50K invested in a stock mutual fund.
Next: Cell Phone & Land Line FeesMore From Kiplinger's:
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Cell Phone & Land Line Fees
Avoid Overage Charges: $72
Pay $5 a Month for 200 Text Messages: $15
Transfer Your Contract to Avoid Termination Fee: $156
Switch Land Line to Internet Calling Service: $28
Total Annual Savings: $832
Calculations are based on overage charges of $6 per month and text messages at 20 cents each.
Next: Car Rental FeesMore From Kiplinger's:
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Car Rental Fees
Rent Off-Site, Not the Airport: $39
Pay for Your Own Gas: $15
Turn Down Collision-Damage: $156
Use a Discount Site: $28
Total Annual Savings: $1,074
Calculations are based on four week-long rentals per year at $50 a day.
Next: Hotel SurchargesMore From Kiplinger's:
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Hotel Surcharges
Have "Resort Fee" Removed From Hotel Bill: $280
Pass Up Valet Parking: $154
Tip the Maid Yourself to Avoid "Maid Gratuity": $56
Resist the Mini Bar to Avoid Restocking Fee: $140
Total Annual Savings: $630
Calculations are based on 14 nights in a hotel per year.
Next: Airline FeesMore From Kiplinger's:
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Airline Fees
Book Direct With Airlines: $30
Order an E-Ticket, Not Paper: $240
Check Only One Bag: $300
Avoid Overweight-Bag Fee: $960
Accept Seat Assignment: $240
Total Annual Savings: $1,170
Calculations are based on six round-trip flights per year.
Next: Don't Be Fee FoodMore From Kiplinger's:
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How to Fight the Fees
If your bank, for example, suddenly slaps a $5 monthly fee on your checking account, you're not necessarily bound to pay it. In fact, you can save thousands of dollars a year if you pick your battles and fight smart.
Follow the three tactics on the next slides.
Next: Call During Business HoursMore From Kiplinger's:
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Call During Business Hours
Few managers are available on weekends, and you won't get the cream of the crop among lower-level representatives. At Gethuman.com, you can find codes that let you circumvent company phone trees.
Next: Do Your ResearchMore From Kiplinger's:
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Do Your Research
Tabulate how much money you've spent with the company, which can boost your bargaining power. If you think you've been treated unfairly, don't hesitate to say you're considering a letter to the state attorney general.
Next: Don't Waste Your TimeMore From Kiplinger's:
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Don't Waste Your Time
A $2 fee may get your goat, but you can't afford to fight every charge. Your chances of winning are directly correlated to how much leverage you have. With financial services, such as banking and credit, "consumers ultimately hold all the power because they can vote with their feet," says Greg McBride, of Bankrate.com. In fact, a survey for Sullivan's book found that customers who complain to credit-card companies get results 65% of the time.
More: Eight Ways to Make a MillionMore From Kiplinger's:
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Want to Strike it Rich?
Don’t just dream about striking it rich. Make it happen. To inspire you, Kiplinger looked for people who have become rich. Just how did they do it?
Click through our gallery as Kiplinger shows you how eight ordinary entrepreneurs, investors and savers reached millionaire status.
Next Gallery:
Eight Ways to Make a Million
Next:
Find $448 a MonthMore From Kiplinger's:
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How to Find $448 a Month
If you're 30 years old, you need to set aside $448 per month for next 35 years to become a millionaire -- if you earn a reasonable 8% annualized return in a retirement account. Don’t have $448 to spare -- or even $248? Maybe you do and don't realize it.
Click through our gallery as Kiplinger.com shows you how you can come up with the cash.
Next Gallery:
Turn Extra Cash Into $1 Million
Next: More From AOLMore From Kiplinger's:
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Juliesaltor 03:40:39 AM Jun 27 2008
thanks for the Cityskoop.com link, Taylorbr. Just booked a flight to Boston on American!
Rikan10018 10:40:23 PM Jun 26 2008
Gee im having trouble clicking NEXT to read other peoples comments? does anyone know how can i fix this problem???
Taylorbr2000 09:01:35 PM Jun 26 2008
Definitely watch out for credit card fees.Tho i've been using Cityskoop.com to find out which businesses are having sales or deals. American and United have big sales going on now, as does Barney's
Wmjaneck 03:49:51 PM Jun 24 2008
HAY ROBERT I also wrote a comment and they did not post it also on verison wireless so see they do not want anyone to hear real truth
ROBERTCC46 02:11:26 PM Jun 24 2008
YEAH THANKS BUT THERE IS NOT THERE WHAT I WROTE IT DOWN? ARE YOU HIDING SOMETHING YOU DONT LIKE WHAT i SAID?
DewayneRee 01:05:11 PM Jun 24 2008
Yesterday, we received our bill from Chase. We had been charged for $59.99 for something called TLG/GREAT FUN, which we had never heard of. We called the 800 number listed for the charge. Even though they finally agreed to remove the charge, they tried to talk my husband into keeping it. I call that "Reverse Telemarketing". Since we don't answer telemarketing calls, I guess the new scam is to charge you for something you did not order, and when you call to cancel, they give you their sales pitch. It turns out that the charge originated from our credit card company. I would advise everyone to carefully check their bill every month.