Bank Fees Bonanza: Does Your Bank Charge These 45 Different Fees?

With fewer people lining up for new loans, and some current borrowers unable to repay their loans like they used to, banks, striving to stay in business, are leaning more on income from bank fees to make up the difference for what they've lost to fewer new loans or old bad loans. Incidentally, it is good customers that banks are driven to bombard with aggressiveness in creating and collecting an ever growing list of fees.

The other day, my wife showed me the newest Fee Schedule from Republic Bank, where we have banked for years. To my utter shock, Republic Bank has listed 45 different fees on that two-page rectangular card. This Fee Schedule should be nicknamed "Fee Traps".

I told Harriet, "Well, at least Republic Bank sent us their list of fees, so we can know. I wonder what the other two banks' fees might be..."

Here is the list of fees our beloved Republic Bank has targeted us with:

1. Account Setup Fee, $10 – for the privilege of asking your bank to accept and use your money.

2. Account Inquiry, $2 – when you dare call to ask about your account

3. American Express Travelers Cheque Gift Card, $5

4. ATM Transaction as any non-Republic STAR ATM, $2 – punishment for being in a location that has no Republic ATM

5. ATM Transaction at any PLUS (non-STAR/Presto) ATM, $2 – how is this fee different from #4? I could call to find out, but I may be charged for the call!

6. Cashier's Check (Clients Only), $10 – I buy money orders from Wal-Mart for 46 cents each

7. Chargeback, $10

8. Checking Account Closure Fee (within 12 months), $25 – pay for closing your account; doesn't matter if you have to relocate to another city, or you happen to lose your job after opening your account

9. Coin Toss Coin Counting Fee, free for clients, 12% for non-clients – impressive

10. Counter Check, $0.30 from 1 to 10 items, $0.50 each for more than 10 items – this fee is for when you forget your check book and ask the bank for a spare check payable to cash (you)

11. Dormant Account Fee, $12.50 per month – if you don't use your account, unless you have at least $1,000 in there

12. Foreign Currency Return, $10 per transaction, $20 if currency totals $250 or less

13. Garnishment / Levy, $100 – if a payee garnishes payment from your bank account

14. Improper Signature on Check, $25 – does that mean your signature doesn't look exactly the same every time you sign?

15. Inactive Debit Card (after 6 months), $1 per month – if you don't use your check card

16. Indemnifying Agreement, $25 – pay for document to protect you from damage or loss?

17. IRA Transfer / Closure Fee, $25 – pay for moving your retirement; isn't that like paying a fee for shopping at a different store?

18. Negative Collected Balance Charge, $40 (business accounts only)

19. Night Depository Bag, $20 – that's an expensive bag

20. Night Depository – Lost Key Fee, $10

21. Non-client Check Cashing Fee, $15 – why not cash your check at Wal-Mart for much less?

22. Notary Fee, free for clients, $15 for non-clients – I can get a notarized signature at my insurance agent's office for $0

23. Online Bill Payment Service, free for personal clients, unspecified fee for business clients

24. Bill Pay Stop Payment, $25; Bill Pay Check Copy Request, $10 – is that a photocopy or something more sophisticated?

25. Overdraft Charge (per check or in-person, ATM, or other electronic withdrawal), $35

26. Overdraft Fee, $6 per business day – that's in addition to the $35 fee in #25

27. Phone Transfer, $5 – for calling on the phone to move your money from one of your accounts to another of your accounts

28. Postal Delivery Fee (cashier's checks), approximately $8 to $25 depending on location – why not use UPS or FedEx?

29. Ready Reserve Annual Fee, $100 – that's for having the bank bailing you out when your account goes into overdraft, you will still have to pay a fee for each instance of bailout

30. Reconcile Statement, $35 per hour, $2.50 per photocopy – I thought photocopy was more like 5 cents per copy

31. Replacement ATM or CheckCard, $5 first instance, $10 thereafter – I can understand that

32. Research, $35 per hour, $2.50 per photocopy – I wonder what the "research" involves

33. Returned Item Charge, $35 per item – I understand the fee, but could it be less?

34. Savings Account Closure Fee (within first 12 months), $25 – what if closing my account is due to relocation?

35. Statement Request, $5 per snapshot – for asking for your bank statement

36. Stop Payment Request, $35

37. Travelers Cheques, $2 per hundred

38. Travelers Cheques for Two, $2.50 per hundred

39. Travelers Cheque Gift Cheque, $3

40. Triple Rewards CheckCard Monthly Fee, $3 – doesn't that fee take away the "rewards" of the card?

41. Wire Transfer (incoming), $20

42. Wire Transfer (outgoing, Continent United States), $20

43. Wire Transfer (outgoing, International), $50 – MoneyGram charges about $9.46 to transfer up to $500

44. Safe Deposit Box, minimum $35 per year, maximum $110 per year depending on size of safe deposit box

45. Safe Deposit Box Lost Key Fee, $150

Some bankers may shout at me, saying, "Yes! Of course, we appreciate our clients. Without them there is no way we can exist as banks and bankers."

I hold on to my doubts about bankers' chants of "Yes, we care". But I do know why my bank's building looks so much better than mine, and why my bankers are taking vacations, while I imagine my next one. In fact, those little fees add up to billions of dollars. The Center for Responsible Lending reports that American banks collect $17.5 billion every year in overdraft fees alone!