Just saw a stat that the average person spends over $1,200 a year on bank fees and lost interest

I was reading a report from the Consumer Financial Protection Bureau last week. It said the average person pays about $1,200 a year in things like monthly account fees, ATM charges, and lost interest from keeping money in a checking account. I always thought my $12 monthly fee was bad, but that total number really adds up. It made me go check my own statements for the past six months. Has anyone else actually added up their total yearly costs from their main bank?

3 comments

3 Comments

lilyp371mo ago

My buddy just found a hundred bucks in overdraft fees from last month.

robins831mo ago

Ugh, overdraft fees are the worst. I got hit with a couple of those last year because my paycheck was a day late. It feels like they just wait for you to slip up so they can take more money. How is your buddy even supposed to get that back?

spencer_owens581mo ago

My cousin had something like that happen, lilyp37. He got a $35 fee for buying a coffee when he was a few cents short. The bank said it was a "courtesy" to let the charge go through. How is charging someone rent money for a latte a courtesy? He had to call three times and basically beg to get it reversed. Makes you wonder what they're really counting on.