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Clark Howard: Bank fees

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Updated: 10/17/2013 8:58 am

JACKSONVILLE, Fla. -- Sometimes when you do business with a bank, you feel like you have a big target on you. And, you're the bull's-eye and your wallet is the victim.

Banks are charging fees for everything they can imagine as a way of extracting money out of you for having a checking account or a savings account. Today, the number of people who pay fees are roughly half of us who have bank accounts.

So what do you do about them? Do you just pay them? No, because overwhelmingly credit unions do not charge fees on checking accounts. They almost universally have accounts you can have fee-free, with 
no minimum balance. You go to smaller banks and it's pretty much the same story.

One other thing, don't be tricked by any bank by signing up for overdraft protection. It doesn't protect you -- it rips you off.

It's better if they tell you that you don't have money in your account and telling you it's not approved than being stuck with huge overdraft fees.

For more information, go to

Watch Clark Howard weekday mornings on Action News This Morning on FOX30 beginning at 7 a.m.

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