10 Ways Banks Steal Your Money Legally

Things are getting rough for everybody and banks are no exception. For many banks the fees are becoming an important source of income, more than the interest income (that is the difference of interest they give you on your deposits and what they get from loans). Banks are basically taking your money from your bank accounts under an umbrella of legal fees. These are the 10 ways banks "steal" your money legally (I need to clarify here that all fees deducted are legally applied although as you shall see they seem illegal or maybe unethical)

10 common fees banks charge

Checking account fees (on supposedly "free checking accounts") - 10 common fees banks charge

I remember the time when I opened my free checking account. That was long time ago and it really was free. No fee whatsoever was charged for using "my money". Although there are many free checking accounts today, banks are starting to charge "maintenance fees" of previously free checking accounts so be aware of this.

ATM fees? - 10 common fees banks charge

It used to be that you could withdraw your own money for free at millions of ATMs. Now I am starting to see a $2-4 ATM fee when I withdraw my own money from some ATMs.

Human fees - 10 common fees banks charge

Banks have gone so impersonal that if you talk to a human teller they will charge you a fee. What happened with customer service? It would be nice to talk to a person and not pay for it. ($2-4 fee)

Inquiries - 10 common fees banks charge

I think this is really gone overboard. My friend has told me that she is being charged for calling to the bank over the phone and for asking her checking account balance or the details of a specific transaction. (She was charged $3.59 per call)

Deposit returned fee - 10 common fees banks charge

A check is deposited in your checking account. Then, that check bounces like a rubber ball. In addition, of being scammed by the check writer, you are charged a "deposit returned fee". What? You didn't write the check, come on!

Overdraft fee - 10 common fees banks charge

This is a tricky one. If you do not have enough funds in your account for an ATM withdraw, why is the bank letting you withdraw money? You know the answer: so they can charge you an overdraft fee (it can be up to $50)

Year membership fee - 10 common fees banks charge

This applies more to credit cards but I wouldn't be surprised to see it soon as a bank fee. Credit cards are charging up to $30 every year so you can have your credit card.

Credit card fees - 10 common fees banks charge

Credit cards fees are increasing month by month in anticipation of new legislation Obama has passed. The new legislation puts a cap on credit card fees but in the meantime you are charged more and more.

Closing account fee- 10 common fees banks charge

I opened a "free checking account" a couple of months ago. Since I did not use it I decided to close it. Well, you guessed, I was charged $25 for closing it before a six month period. (OK I could have waited 3 months and closing it without paying a cent .....)

Currency conversion fee

When you travel overseas, and I do quite so, you are charged each time you withdraw money from an ATM. Not only you are charged an ATM fee (because you are using a different ATM network) but you are charged also a "currency conversion fee