Here Come the Fees part 3
by Sheyna Steiner
Banking services
Coin counting
Credit reference
Money order/cashier’s check
Notary fee
Safe-deposit box
Teller fee
Coin counting
What it is: Banks used to be in the business of handling money. Nowadays, some financial institutions won’t count money in the form of change.
Fee range: In an exclusive survey done in May 2007 of the top 10 banks in the top 10 markets in the country, Bankrate researchers found that only 19 offer coin counting as a service. At those 19 financial institutions, the fee ranges from zero to 15 cents per roll, 1 percent of the amount over $100 or $5, whichever is greatest.
How to avoid: If your bank won’t count your change for you, you could always roll your own — it’s tedious but free. After all, consumers have to pick their battles, and coin counting might not be important enough to change banks over. Then again, if you find yourself with too much change on your hands and you don’t want to pay for the coin counting machine at the grocery store, start shopping for a new bank. Start by comparing bank accounts across the country with the Bankrate.com rate tables.
Credit reference
What it is: Banks will sometimes provide information on their customer’s creditworthiness. A good banking history can help in establishing credit.
Fee range: In an exclusive survey done in May 2007 of the top 10 banks in the top 10 markets in the country, Bankrate researchers found that the fee for providing a credit reference ranges from $0 to $25. The median fee out of the 98 financial institutions providing credit references is $10.
How to avoid: If you have a long-standing relationship with your bank, usually keep a high balance or have a clean banking record, ask for the fee to be waived.
Money order/cashier’s check
What it is: A cashier’s check is a check written by the bank to a third party specified by the account holder. A money order represents the purchase of a guaranteed payment to a third party for a specified amount.
Fee range: In an exclusive survey done in May 2007 of the top 10 banks in the top 10 markets in the country, Bankrate researchers found that the fee for money orders ranges from $0 to $14.50. Two out of the 100 financial institutions surveyed did not offer money orders. The same survey found that the fee for a cashier’s check ranges from $0 to $15. The median fee for money orders is $5. The median fee for cashier’s checks is $8.
How to avoid: Some banks will waive the fee with a minimum daily balance. Asking for a pass if it’s a one-time request is also a possibility. In general, money orders cost less when bought from a post office, grocery or convenience store.
Notary fee
What it is: A notary public is a person that has been legally empowered to serve as a witness to various events, such as signatures; authenticate documents, and take affidavit depositions. Notaries serve as state officers and public servants, so their services are, in most cases, governed by state laws dictating the maximum they can charge.
Fee range: In an exclusive survey done in May 2007 of the top 10 banks in the top 10 markets in the country, Bankrate researchers found that the fee for notary public services ranges from $0 to $10. Out of 100 financial institutions surveyed, 12 do not offer notary services. The median fee is $0.
How to avoid: Most people don’t use a notary public often; this fee may be a good one to just pay and move on. If you do need a notary with great frequency, then look around for a bank with fewer fees. Start by comparing bank accounts across the country with the Bankrate.com rate tables.
Safe-deposit box
What it is: Available for rent by the year, safe-deposit boxes are compartments for storing important documents and valuables. The boxes are kept under lock and key at the bank. To protect themselves from liability, banks maintain a “see no evil, hear no evil” attitude, which means they won’t look in the box or watch you while you fill it up or take things out. There are usually nominal rules about what can go into them, with banks preferring that guns, explosives and the like stay out.
Fee range: In an exclusive survey done in May 2007 of the top 10 banks in the top 10 markets in the country, Bankrate researchers found that the minimum fees for safe-deposit boxes range from $15 to $85. Fees vary by size of the box.
How to avoid: Find someplace else to put valuables; for example, a fireproof safe in a tucked-away area of your home. Pirates famously buried their treasures, but that may not be the best solution for modern-day valuables, which could be compromised by exposure to the elements.
Teller fee
What it is: Most bank accounts allow customers to have unlimited teller access, others have a monthly limit to interactions.
Fee range: In an exclusive survey done in May 2007 of the top 10 banks in the top 10 markets in the country, Bankrate researchers found that none of the 100 financial institutions limit teller interactions.
How to avoid: Check the terms and conditions before signing up for an account. More than likely, you can talk to the teller as many times per month as you’d like.
