Be on the lookout for bigger bank fees

In a recent survey  many people told us that they cut back their spending in the past year. About half of the people we polled, for example, said they ate out less, spent less on their credit cards, and planned to scale back their holiday spending. Bravo, that’s more money in the bank!

Well, maybe. According to a recent Bankrate.com survey, bank fees are likely chipping away at your balance, and in record high amounts. Bounced check fees now average $28.95, a 2.5 percent jump from just last year. If you stray to another’s ATM, banks debit your account an average of $1.46, up from $1.25 a year ago. And the “other bank” will charge you another $1.97 on average, nearly 11 percent higher than last year. Monthly fees on checking accounts average $11.97, up from $11.72 last year.

If you want to avoid being nickel and dollared to death by your bank, follow our tips. —Mandy Walker