When money is tight, small expenses add up fast. $3 fees for ATM withdrawals, $12 checking account service charges and $30 penalties for bounced checks and overdrafts can put a real dent in anyone’s monthly budget. Unfortunately, this situation looks like it’s only getting worse now that recession-weary banks across the country have begun upping their service charges to levels never been seen before. According to a new survey by Bankrate.com, ATM fees are up 16% since 2004, bringing the average cost of a non-network ATM withdrawal (i.e. using an ATM at a bank other than your own) to $3.54.
By going digital and putting your iPhone to work, you can avoid irritating fees and organize your finances at the same time. After all, if you’re paying a hefty bill for that cell phone plan every month then you might as well use it. Here’s a run-down of sites and apps that may help reduce the fees you have to pay:
Bank of America — BofA actually has a pretty useful app for the iPhone and BlackBerry that allows users to find in-network ATMs (to avoid withdrawal fees), transfer funds (to avoid overdraft charges) and pay bills (to avoid late fees) all while on the go. (Free download)
To read more click here.
Recessionwire is a blog chronicling the upside of the downturn.