For most of us, fees are the type of bill that give us heartburn or headaches. They stink! And, if we’re actually paying attention to our bills, fees just irritate us to no end. Especially when we see all the extra taxes on there lumped in with the fees, since we give Uncle Sam plenty out of our paycheck every year. But noticing these fees is very important! As a matter of fact, being vigilant and reading through your bills as they come in is very important, since not only might you be paying a fee you shouldn’t, but you could also catch a company in the practice of “mirroring”.
I will be the first to admit that it is sometimes difficult to decipher fees when the bill comes in, but that’s no excuse for not knowing what is happening on your account. If, after pouring over the bill for a little while, you still can’t figure out what is going on, call the customer service line and ask them to explain it. A nice added benefit? If you’re more vigilant about bills, it might carry over into your bank account, and then you won’t be charged overdraft fees (if you were overdrawing in the first place, because let’s face it, you shouldn’t be). Overdraft fees from banks are one of the biggest stupid taxes around. If you pay attention to how much you have in your account, you won’t be charged. It’s only when you are unaware that they happen, and no one should be unaware of what’s going on with their money.
Now, how about “mirroring”? Mirroring is a practice of charging you twice in the same month for only one month’s service, by companies who have access to your bank account because you’ve set them up on an auto pay function, where they have access to your account. I use this feature myself, although, truth be told, I’m very sceptical of it. We check our bank statement carefully each month to ensure that mirroring does not occur, and it has happened to us in the past. Usually it’s not terribly complicated to get adjusted, if you catch them quickly. The problems start to occur when you haven’t noticed the problem over the course of months, or a year, and them try to get your money back. They have had it for a year! It doesn’t always go well if you wait. Remember, if you give a company access to your account, then you have the responsibility to yourself to ensure that they are doing right by you and only taking what they are supposed to take. Never let them take advantage of you!
Tags: budget, Financial planning, Money tips, saving money
