Today on MyMoneyLife with Chuck Bentley

Do you look carefully at your bank statements every month?  If not, you could be paying hidden fees without even knowing it.

Most of us know that we’ll get socked with a fee if we bounce a check or use some other bank’s ATM machine, but according to Forbes.com, there are lots of little fees that can sneak into your bank balance if you’re not paying attention.

Here’s their list of the top 3:

1. Balance transfer fees.  We’ve all seen those offers for a low introductory rate on balance transfers from one credit card to another.  But read the fine print carefully, because sometimes they tack on a transfer fee that could run as high as 3 to 5 percent on the transferred amount and that will wipe out any potential savings for the transfer.



2. Cash advances.  You could get hit with another 3 to 5 percent fee for taking out a cash advance on your credit card, but it gets worse.  On some cards, there’s no grace period and you begin to pay interest from the moment you get the cash.



3. Balance requirements.  Just let your balance drop below the minimum amount required in the fine print and you’ll find another nasty little fee in your monthly statement, possibly as high as $8 a month.

Now, you can always complain if you’re hit with an unexpected fee.  In many cases, banks will waive the fee just to keep you as their customer, so it’s definitely worth a phone call.

For more ways to manage your money wisely, I hope you’ll take 60 seconds and visit us at Crown.org.

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Other Resources:

• ABCs of Money Package
• Career Direct
• God's Principles for Operating a Business
• Business By the Book
• Crown Mvelopes