These are the dumbest fees you should ever pay

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During our lifetime we are collectively nickel-and-dimed to death. There are the things we have to (or want) to pay for, then the charges we are expected to pay in excess of the assumed cost of such things: There are mysterious hotel fee, exorbitant airfares, car rental costs penalizing for young people-The list is lengthened increasingly. But what What really burns about charges like this is that they make you feel like you’re being manipulated – we’re supposed to be playing with the fiction that this isn’t just a jackpot. money on top of an already negotiated price.

That being said, some fees have a much higher bullshit quotient. that others. You can’t avoid everything the fees our capitalist masters impose on us, but there are plenty of dumb fees you can avoid – and should never Pay.

Coinstar Fees

If you haven’t embraced a cashless existence, you’re probably still struggling with the piles of loose change piling up in your pockets throughout the daytime. Eventually you have a pickle jar full of coins, and when your paycheck has been stretched so thin you can see through it, this change is starting to look like real money. And there’s a Coinstar machine in the local grocery store…it will almost eat 12% the value of your coins in fees.

The term scientists would use for these fees is scandalous. To avoid fees, you have two choices:

  • Gift card. Coinstar gives you the option of getting a gift card instead of cash for your change, and there are no fees if you go this route. Gift card options are limitedbut are as good as cash as long as you need what these retailers are selling.
  • Bank. Most banks do not offer coin counting services and will politely refuse a pile of dirty coins thrown on their counters. You can usually get coin rolls for free (just ask!) and then make the change yourself – a properly rolled change can be deposited into your account quite easily. It may take time, but a relatively inexpensive coin counter will pay for itself fairly quickly.

ATM nare

Getting Charged For Accessing Your Own Money Is One Of The Dumbest Fees Ever, But ATM Fees Are Hard To Avoid when you need cash and your only option is a sketchy ATM at a 7-11. However, there are steps you can take to eliminate these fees, primarily by transferring your money to a bank that reimburses these costs.

If you’re in a rush, another tactic is to ask if the store can give you some cash back with a purchase. It only makes sense if you actually need something in that store, otherwise it pays to wear a funny hat.

Credit reports

If you don’t check your credit reports on an annual basis, you should start – it can take a long time to notice identity theft, and even honest mistakes on your credit report can have a huge impact on your score. of credit, and therefore your life. But if you’re ever asked to pay a fee for a credit report, you’re being duped. By law, the three major credit reporting companies (Equifax, Experian, and TransUnion) must give you a free report every year. Just head to AnnualCreditReport.com and go through the process. Some banks and credit card companies also offer free credit reports as part of an account with them, which can give you an extra report, and you can’t have too many.

Late fee

Paying late fees on your credit cards or other lines of credit is inexcusable. Paying the minimum on an account is a bad idea, but it’s much better than being charged exorbitant fees on top of everything else. Setting up an automatic payment is the smart game – you can always manually adjust your payments to pay more than the minimum, but if you forget, you are always covered against silly charges.

If you forget or just make a planning mistake and find yourself stuck with late fees, contact your lender. If this is your first late payment, there is a chances are they’ll reverse it if you offer an explanation.

Most car dealerships costs

Buying a car is an exhausting and daunting experience for most people. Going to dealerships, talking to pushy salespeople, and trying to figure out all your options is draining your life. To make matters worse, many dealerships get into a game of adding silly fees to your purchase agreement. Advertising fees, delivery fees, underlay fees – there are so many unnecessary fees added to some car sales that it’s hard to keep track. The good news is get rid of these fees is often as simple as asking about them – for whatever reason, the moment you report them, they are melting.

Gym initiation fee

If you’ve joined a gym at some point in your life, you may have noticed an “initiation fee” on your first bill. It’s a classic dumb tax, because it’s just a money grab.

The way to avoid this fee is to ask about it when investigating the gym and then ask them to waive it. Gyms are almost always under pressure from members as people come in and out, and many salespeople trying to get you to join have a quota to meet. This means that they will almost always waive the initiation fee if you make it a condition of signing up for an annual subscription.

Investment costs

If you’ve created an Individual Retirement Account (IRA), good for you. It’s a good idea to set aside tax-deferred money for your retirement, and an IRA is a relatively safe and easy way to make that money work for you. Just make sure you don’t incur any account maintenance fees. These fees may seem insignificant, but believe me when I say that the institution that manages your money earns a lot from you, the maintenance fees are simply enormous. You can transfer your IRA to another account at any time, so find a place that doesn’t charge a fee or contact your current bank or financial advisor and ask them to get rid of the fee. Most will rather than lose your business.

Auto Insurance Processing Fee

Owning a car means owning a lot of expenses. Besides fuel, maintenance and depreciation, your car will cost you in terms of insurance. And if you pay for your insurance on a monthly basis, your insurer may charge you a “processing fee” for the lien. These fees cover their costs because each time they charge your credit card, they are hit with fees on their end.

If you can, paying the full premium up front will get rid of these costs. If you can’t set up a lump sum payment, however, you’re probably stuck with monthly fees.

Mortgage costs

Buying a house is expensive. Besides the down payment, there’s the interest you pay on your mortgage and closing costs. It adds up quickly.

So you need to be vigilant about the avoidable fees that some lenders add to your mortgage. They often add in application fees, underwriting fees, rate lock fees, mystery processing fees, which is a pretty mind-boggling amount of extra money you have to pay. The key thing to remember here is that you negotiate – there are plenty of lenders out there, and unless you’re desperate to buy a particular home or within a specific timeframe, you can be looking for the best mortgage deal. This means you can always request that these fees be reduced or eliminated – and you should still ask your potential lender to do so. You might not knock them all down, but even some reductions will make a difference.

utility card Processing fee

The world is going paperless and online. In many cases, you no longer receive paper bills from utility and other companies, and when you go online to pay your bill, you are faced with processing fees for using a credit card.

But you don’t have to pay those silly fees. Most utility, water and sewer providers will allow you to pay by electronic check or direct debit from your bank. Electronic checks are essentially the same as a paper check: you provide the routing number and account number, and your bank processes the payment as if you had written a check. Setup might take a few minutes, but it’s a safe and free way to keep the lights on.

Overdraft fees

Your bank may seem very helpful when they offer you “overdraft protection”. Instead of bouncing checks or having your card declined when you make a mistake and let your checking account drop to zero, the bank graciously covers your excess until you can transfer money to your account. Of course they charge a charges, usually less than $50, for their issues.

If you’re short by a few cents, however, $50 is an extortionate fee. Instead of using your bank’s overdraft protection, see if you can link your savings account to your checking account so that overdrafts are withdrawn from there. If that’s not possible, you can ditch overdraft protection and just pay attention to low balance alerts that you can set up using your bank’s app.

About Janet Young

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