WHERE DID YOU GET GOT?
Broken by your bank?
Monthly fees and charges can eat away your money
Second in a five-part series: Where did you get got?
By Michelle Samaad • Bankrate.com

The time is ripe for a good look back at your bank fees.

It may be time to reassess whether that checking account with the travel discounts is costing you more than it's worth.

Doing most of your banking at the ATM? There may not be a need to visit the teller. Consider accounts with lower monthly service fees and minimums to open.

Or, despite how careful you and your spouse are about keeping track of checking withdrawals, you've managed to bounce a check -- more than once this year. It may be time to give overdraft protection service a try.

We offer additional solutions to other red fee flags if you plan to reconsider your banking habits -- and even your bank.

Remember that bank statement you receive each month? The one that gets tossed in a pile of papers or discarded like the rest of the junk mail? Open it up and take a long, hard look at how much fees you're being charged.

Give 'em the slip

RED FLAG: Is your bank charging you for deposit or withdrawal slips? Some institutions charge $1 for each slip requested.

SOLUTION: Request a sizable number of pre-printed transaction slips. Ask if there's a charge for this. Or withdraw money from the ATM.

For whom the teller tolls

RED FLAG: In-branch teller visits can be costly, too, if you have a basic or express account that pushes you to bank only by phone, computer, direct deposit and ATMs. Should you need to talk to a live human being, expect to pay between $2 and $9.50 with these accounts at many banks.

SOLUTION: You've moved up in stature, income and bills. That basic or express account may be too confining for your needs. Consider a higher-tiered account or make sure that the majority of your banking is done through the ATM or online.

Dialing for dollars -- yours

RED FLAG: So you've called the automated telephone call center for the ninth time to see if that check has cleared. Whoa, there -- some banks allow a certain number of free automated calls each month, but after that the charges start racking up. Depending on the size of the bank, that per-call cost can range from 25 cents to $1.

SOLUTION: If your bank charges by the telephone inquiry, you either can use your debit card to make transactions (which are more likely to clear before a paper check) or you can check your balance a week after you've written all your checks. Try again in another two or three days, if all the checks have cleared. Or, consider tracking the checks at your bank's Web site. Bottom line: Keep a log of the free calls you're permitted.

Penalty checks

RED FLAG: Basic checking accounts typically allow for a certain number of free checks to be written each month. So, if Bank ABC allows five checks per month and you figure on a check for the rent, car payment, phone bill, utility bill and groceries, you're safe. But if an extra two checks are needed for emergency car repairs and prescriptions, expect to pay up to $2 per check.

SOLUTION: Rather than writing a check, you can probably pay all of the above expenses with a debit card. You may be able to make some of the payments by phone, using the credit card option on your debit card, which saves you on stamps, envelopes and time. It also allows you to hang on to your money longer, by paying a bill just when it's due, without worrying about the check getting delayed in the mail and creating late fees.

Done in by debits?

RED FLAG: This leads us to another overlooked fee: Ask your bank if a debit card transaction is counted as a check transaction. And, are you allotted a certain number of free debit transactions? If not, expect to pay between 25 cents and $1 per transaction.

SOLUTION: This is a tricky one, because a debit card is used like cash and, depending on your spending habits, it may be difficult to keep track. One suggestion is to withdraw a rough estimate of the amount of money from the ATM you will need for all your expenses for the week (that includes, gas, lunch money, dry cleaning, groceries, etc.). Make a promise to use that amount for your weekly expenses. Or, be meticulous about recording debit transactions -- including any fees -- in your checkbook.

As an alternative, try this, especially if you keep your debit card in your wallet and can't tote around a checkbook ledger. Next time you're at the ATM, print out a balance statement for your debit card account. Write the balance on the back of the receipt, or some other blank area. Subtract any outstanding charges, checks or ATM withdrawals. Wrap this piece of paper around your debit card and put it back in your wallet. Every time you use the debit card, write down the amount -- plus any transaction fee -- and subtract it on this makeshift ledger to get your new available balance.
Hint: To make the math easy, round all your transactions up to the next dollar.

How low can you go?

RED FLAG: With all the new fees out there, don't forget about the service fees that are charged for not keeping a certain minimum balance in your checking account.

SOLUTION: Consider getting a second, no-cost, no-frills checking account that does not require a certain minimum balance to avoid fees (often available with direct deposit). Use that account for daily expenses. The primary account should be used for larger expenses and should be closely tracked.

Punished at the printer

RED FLAG: Although that first order of checks was free when you opened the account, the bank has hit you with a $25 fee for each additional order. Even worse, the bank takes this fee out of your account immediately and without telling you until your next statement comes, so you may get hit a low-balance fee or even bounce a check in the meantime.

SOLUTION: Contact one of a handful of check printing companies, such as the Check Gallery, Checks-In-The-Mail or Checks Unlimited and pay as little as $5 for an order of checks.

Mayhem at the ATM

RED FLAG: That ATM at the corner bank is oh, so convenient when there's a need for quick cash. It's only a $1.50 charge or so by the bank, you reason. But those fees, called surcharges, can add up fast.

SOLUTION: Withdraw a large sum of money to eliminate the back-and-forth trips to the ATM. Ask for cash back when you use your debit card at the grocery store. It goes without saying: Use your own bank or credit union's ATM -- but make sure your bank doesn't charge you for this transaction. Believe us, it happens.

Get it while you can

ASK FOR A BREAK: If you arrange for direct deposit of your paycheck, some banks will cut you a deal. Why? Banks save significantly on seamless transactions vs. in-person branch visits. Direct deposit also can curb bounced check activity.

Finally, if you're a good customer with a clean record (no bounced checks, keep above the minimum amount in your account), your banker may be willing to refund an occasional service charge, bounced check fee or late credit card penalty, so ask for some slack if you think you've earned it. While you're at it, inquire about a lower interest rate on your bank or credit union credit card or other loan.

-- Posted: Dec. 8, 1998