In this difficult economy consumers are spending less, trying to save more and eliminate debt. Businesses on the other hand are trying to make up for the loss of revenue by adding more fees. Here are some of the ways consumers could be paying more.
If you need to rent a car for a week you will be quoted a weekly rate for the rental. If you decide after3 to 4 days you want to return the vehicle, the rental agency will revert to the more expensive daily rate and you will have to pay more to keep the car for less time. Consider keeping the car for the full week and save money paying the weekly rate.
Banks are looking for ways to make more money to cover the administration cost of a free checking account. It is estimated this cost is approximately $250 per year, per account. Consequently, banks need to retrieve some of those costs and one of the ways they do this is through higher non sufficient check charges (nsf fees). Every time a bad check is written, the bank will charge a fee of up to $39 for that check. The banks are able to view an account holder’s transactions, and withdraw the transactions for the highest amounts first and the smallest last or post withdrawals before deposits instead of processing them chronologically. This can lead the account to overdraft and cause the transactions that follow to spark multiple overdraft fees. So instead of paying $39 for one check you may be charged for multiple nsf checks. Be sure to read the disclosure statement before you sign up for any checking account, but be forewarned some of these statements are up to 69 pages long.
Thinking of buying some tickets for a concert or sporting event? Buying them online is very convenient and you can elect to have the tickets mailed to you, but expect to pay a shipping and handling fee. Opting to print the tickets on your computer also costs money. Ticketmaster, Ticket Hub and others charge a $4.95 fee per ticket for the privilege of printing them.
HD TV providers whether cable or satellite advertise their HD channel selection they have available. Did you know you have to pay extra to receive these channels? Some providers add a monthly charge, where others include it free but charge a higher monthly rate for HD service.
Tire stores charge a tire disposal fee, usually a per tire charge for the old tires when they install new tires on your car. Sometimes these tires may be usable and can be resold. Instead of paying a disposal fee you may consider bringing them home and advertising them online and selling them for $15 each. That would be a quick $60 in your pocket. If you run the tires until they are almost bald, it may be cheaper to pay the fee and keep them out of the local landfill.
Needless to say you must pay attention to your monthly statement and question all of the costs that are listed. When in doubt about a fee, call customer service and inquire. Do not be afraid to shop around, it’s your wallet! Maybe you can save money by changing cable providers and getting a special promotional plan. Beware, early termination fees for cancellation of contracts can also be steep!
DMCC is a 501 (c)3 nonprofit organization committed to educating consumers on financial issues and providing personal assistance to consumers who have become overextended with debt. Education is provided free of charge to consumers, as well as personal counseling to identify the best options for the repayment of their debt. To speak to a certified credit counselor, call toll-free 866-618-3328 or email contact@dmcconline.org. DMCC is located at 3310 N. Federal Highway, Lighthouse Point, FL 33064.
