New bank fees implemented - Have you been impacted?

Do you open all of your letters from the bank? Many people ignore those letters that say "Updates to your Agreements" because they don't always tell you what the changes are, forcing you to hunt through a 20 page small-type pamphlet to see what has been updated. Be careful, these latest updates just might hit your wallet harder than you know.

With the recent CARD act limiting some credit cardholders' fees, banks are quickly coming up with new charges to replace them. Balance transfer fees have increased, some banks including Bank of America have increased their minimum monthly deposit limits. Some will start charging high premiums for people who receive paper statements.

What should you do?

1. Check your mail carefully - Lenders and banks are required to disclose all changes before they take effect.

2. Call customer service - A representative will discuss any changes to your account. Don't be afraid to ask if there are any promotions that you are entitled to such as lower interest rates and no-fee, low interest balance transfers (just be careful that the length of the transfer will give you enough time to pay off the balance).

3. Keep a record of your fees and rates - Put together a quick-reference sheet that contains your balances, interest rates, overdraft penalty fees, and any other fees associated with your accounts.

4. Be vigilant - Stay on top of your finances. In the long-run, it will save you both time and money!