Yikes! The 5 Scariest Hidden Fees Out There Will Frighten You

Have you ever really looked at your phone bill, cable bill or credit card statement? There are so many tiny little fees on there, they’ll scare the pants off of you, and most likely irritate you too. Halloween is fun but this is real!

BillShrink.com (www.billshrink.com) has put together a list of the five scariest hidden fees we get hit with all the time. They’ll creep right up on you.

Take a look – you may be able to find ways to shrink or even eliminate some of these fees with a few simple changes or a phone call or two.

Overdraft fees and late fees – Usually you get charged for each transaction your try to make once the account is overdrawn. Keep close track of your balances; the overdraft charges can happen in quick succession once you’re overdrawn. On-line banking is very effective for keeping track of balances and transactions.

Late fees can have a two-fold effect – if you miss your minimum payment of even $15, you may end up paying another $25 in late fees and your annual percentage rate (APR) may increase. Also, be aware of the new fee that came as part of the healthcare bill passed this year – you are now charged extra fees for the balance you carry throughout the month. It might be a reason to consider paying cash or using debit cards.

Automatic Teller Machine (ATM) Fees – These seem tiny but they really add up over time. Also, watch closely what you are consenting to when they ask you to confirm during a transaction. Besides the usual $2.00 “convenience fees,” there can also be up to $2.50 in additional charges for non-bank fees if you don’t go to your own bank. That means it can cost you $4.50 to withdraw $20.00.

Free Credit Reports – These are usually not actually free. Many times, they try to get you to sign up for a monthly subscription for monitoring your credit. If you read carefully when you are on the FreeCreditReport.com website, you can opt out of all of that. As a consumer, by law you are allowed one free report per year so you should be wary if you have to give your credit card when visiting this or any other credit website. Go to any of the three big credit companies – TRW, Experian or Equifax for your report.

Franchise Fees – These fees are usually listed toward the bottom of the statement and entail you paying a use fee on the wires that carry the cable signals to your house. These costs are divided up among all residents almost like “rent” on the lines.

If you would like to understand any of the fees on your cable bill, BillShrink encourages you to call them and have them tell you what each line item is for. And if you think you pay too much for cable, check out BillShink’s website to see how much you can save by switching companies.

Premium Gas – for any car manufactured after 1990, regular gas works just fine. They are built to react to whatever type of gas you put in the tank, according to BillShrink.  A switch from premium can save you thousands of dollars a year. Also check out BillShrink.com to help you find the locations with the cheapest gas in your area.

About BillShrink

BillShrink is a free, personalized search engine that helps people find the right TV service, cell phone plan, credit card, gas station and more.  By sorting through millions of products and services, BillShrink provides unbiased recommendations so families can find exactly what they need at the best price.