banking

7 financial habits that increase bank fees

Forgetting to alert your bank of a move
Forgetting to alert your bank of a move © bikeriderlondon/Shutterstock.com

If you move to a different home and don't tell your bank, you could pay for it. If the financial institution sends you mail that is returned, it will usually have to take measures to process and secure the items. "Most banks charge a returned mail fee due to the increased work," McCoy says.

These fees can add up quickly. Banks that charge for mail sent back to them generally issue a fee every time they process returned mail, McCoy says. If you move and your bank doesn't know about the address change for several months, you could get stuck with a slew of returned mail fees.

To keep expenses down, make a list of organizations to notify when you change addresses. Include your bank on the list, and make it one of the first places you contact to update your residence information when you move.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Ask Dr. Don

How can I find best savings options?

Dear Dr. Don, Where can I get the best and safest savings rates? I feel like I need to do a better job of saving and want to get a good return on my money. -- Walter Wonders Dear Walter, That's the kind of question... Read more

advertisement
Partner Center
advertisement

Connect with us