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.

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