Studies show that in the past two years, 85 percent of people in the US have come across a hidden fee of some sort in their everyday life. As expected, the same studies have found that 96 percent of these people are bothered by the fees.
Today, in most cases these hidden fees appear in the fine print of a contract, included with a tax of an online purchase, or in some cases, they may just appear at the end of a transaction. The good news is that if you are able to identify these fees, you may be able to fight them or refuse a product before it is too late.
Prepaid Debit Cards
In recent years, the enthusiasm for debit cards has been increasing. On average, around 23 million adults regularly use them. Their popularity is based on the frequency of daily use. From paying your bills to making direct deposits and using them at checkouts when shopping, they have become a significant part of your everyday life.
What we may not think about though are all the fees that add up from using them. To begin with, some have an activation fee right from the start. Reloading a card and a monthly service fee may also apply.
So as you withdraw cash from an ATM or use it to make a purchase at your local grocery store, bear in mind that all the fees that go along with it, may be consuming the balance of money you have put on it in the first place.