Read the following information about Shawna. Has this ever happened to you or someone you know? What steps should you take to avoid paying unnecessary bank charges and fees?

When Shawna arrived on campus for her first year of college, she relied on an automated teller machine (ATM) to obtain cash for the many little necessities of college life (food, movies, video rentals, and more food). It was only on a weekend trip back home, where she reviewed her latest bank statement, that Shawna became aware of a problem. Her bank statement showed 39 separate charges for ATM fees. She had been charged $1.00 for each trip to an "out-of-network" ATM not owned by her bank. There was another $1.50 fee charged by the bank that owned the ATM, so each ATM visit created two charges. In addition, Shawna discovered that she had made five balance inquiries on "out­ of-network" ATMs and her bank charged $0.50 for each of them. Altogether, for her 17 visits to the ATM, Shawna had accrued $42.50 in ATM fees and $2.50 in inquiry fees for a total of $45.00. Shocked at this discovery, Shawna found a bank that had a branch on campus and several ATM locations that were convenient for her to use.

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What steps should you take to avoid paying unnecessary bank charges and fees 1 Understand What Your Bank Can Charge The government sets regulations that prevent banks from charging outlandish fees For ... View the full answer