Sneaky fees

CNNmoney.com writes about new bankfees (click image)

I’m like most people, I pay most of my bills monthly or on a regular basis every few weeks. I got an insurance notice today and noticed that the service charge for paying monthly had increased by $0.33 per month. That’s an extra $3.96 per year (that’s 2.76 coffees@ 1.43!) for a total of $22.56 in service charges over the course of a year (that’s 15.77 coffees @ $1.43!) that I pay for the privilege of paying monthly instead of every 6 months or once a year.

I love my insurance company and the agent I deal with is very honest and really great, he did tell me about these fees for the monthly plans when I signed up… I don’t know why I never did anything with that knowledge, laziness?

Instead of throwing my money away like that I should just be socking away the money every month as if I were paying by the month and getting interest in one of my high interest savings accounts until the insurance renewal comes due. That’s what I should be doing! Grrrrr. I am a little angry at myself for not realizing this money savings technique sooner.

Do you pay any hidden fees like this? How long did it take you to realize they existed?

Published by Renée

I write about my life, travel and my financial up and downs on my blog, Nickel By Nickel, while contradicting myself daily. ;)

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