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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. The Internet has made it easy to comparison shop with a few clicks, so companies find it tougher to raise prices. As a result, they've taken to boosting revenue by adding fees on the back end.
In 2007, Americans paid almost $30 billion in fees to credit-card issuers,reports R.K. Hammer, a bankcard advisory firm. "Companies figure they'll throw in as many fees as they can and a large percentage of people won't complain," says Bob Sullivan, author of Gotcha Capitalism.
SAVE MONEY ON FEES | |||
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SLIDE SHOW: Save $5363 a Year | ||
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How We Beat the Fees | ||
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EXTRAS | |||
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SLIDE SHOW: Pesky Fees We Can't Stand | ||
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Share Your Most Annoying Fees | ||
Don't be one of them. 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. Sullivan has his own tactics:
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.
Do your research and flex your muscle. 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.
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.
Below, we show you how to avoid the most annoying fees -- and save $5,000 (or more) a year.
Reduce Bank and Credit Card Fees
Beat Back Investment Fees
Zap Cell Phone Fees
Avoid Car Rental and Purchase Fees
Navigate Around Hotel and Airline Fees
READER COMMENTS
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POSTED BY: Dan Draper (June 21, 2008 08:41 AM)
well call me simpleminded but . . . normally when someone takes money without permission it is called Theft. it seems that in this electronic age "NO BUSINESS" can be conducted except by accepting terms and conditions... often spelled on pages not associated with the cursory acceptance form(another part of the required agreement) it takes so much time most just click and go on thus agreeing (to the added charges without full knowledge)...many are Laughing as they read this and More than a few will be outraged by my Opinion. Most will probably just ignore the problem and suffer the loss un-knowingly. In the end Honest Hard-Working Citizens of today and the Retired folks Like Myself Don't want to fight to keep what we have already earned as it is supposed to be ours...now the problem is apparent only the Aggressively Decietful ("CREATIVE") are allowed to be in charge to collectively take the "hardearned" Property and money from those who can be Bullied into submission...
POSTED BY: brian (August 26, 2008 03:29 PM)
was there a point to that rant, Dan?...
POSTED BY: Nats (September 20, 2008 12:11 PM)
AOL charges me $7.00 per month to automatically take out their monthly fee from my checking account. Nice.
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POSTED BY: Dan Draper (June 21, 2008 08:41 AM)
well call me simpleminded but . . . normally when someone takes money without permission it is called Theft. it seems that in this electronic age "NO BUSINESS" can be conducted except by accepting terms and conditions... often spelled on pages not associated with the cursory acceptance form(another part of the required agreement) it takes so much time most just click and go on thus agreeing (to the added charges without full knowledge)...many are Laughing as they read this and More than a few will be outraged by my Opinion. Most will probably just ignore the problem and suffer the loss un-knowingly. In the end Honest Hard-Working Citizens of today and the Retired folks Like Myself Don't want to fight to keep what we have already earned as it is supposed to be ours...now the problem is apparent only the Aggressively Decietful ("CREATIVE") are allowed to be in charge to collectively take the "hardearned" Property and money from those who can be Bullied into submission...
POSTED BY: brian (August 26, 2008 03:29 PM)
was there a point to that rant, Dan?...
POSTED BY: Nats (September 20, 2008 12:11 PM)
AOL charges me $7.00 per month to automatically take out their monthly fee from my checking account. Nice.
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