Banking and Credit

Late Fee
The banking industry rakes in a collective $17.1 billion a year in customer penalty fees. Seventy percent of that fortune is a product of late fees, according to USA Today. More and more banks are setting a cut-off time for payment due dates, so even if you make your payment on the right date, you will be charged a late fee unless it is received before a given time. The time, however, may not be displayed prominently on your bill. Be sure to ask your bank if there is a payment processing cut-off time. Also, if you are on a tight budget, and can't afford to get hit with a $30 late fee, make your payment a week to two weeks early. We've had complaints from customers who sent their payments in early and were still charged a late fee. Even if your payment is received on time, there is no guarantee it will be processed on time.

Over-the-Limit Fee
Exceeding your credit card limit or overdrawing your checking account can result in a hefty penalty fee. Overdrawing your checking account can cost from $20-$35 according to about.com, and going over your credit limit can cost up to $39. If requested, some banks will put a stop on any withdrawal or purchase that would put you over-the-limit. You may even be able to receive email or text message alerts if your balance is low. Take advantage of online banking, when available, and keep up-to-date with your balance.

ATM Fee
For years, consumer groups like U.S. PIRG and ConsumerAction.org have claimed that banks impose ATM fees primarily out of greed, and not because of any cost associated with ATM service. Unfortunately, the only thing that has changed is the fee charged for withdrawing money from ATMs, and that has risen steadily. According to bankrate.com, most banks charge non-customers $1.50-$2 to use their ATMs. But that price can jump up to as much as $4 in low-supply areas like airports, sports arenas, and hotels. And don't forget about the $1.25 charge from your bank on top of ATM owner's surcharge. Make sure your bank has ATMs near work and home. If you travel frequently, look into joining a national bank with a large network. Also consider requesting cash back when you make a purchase, there is usually no additional charge.

Foreign-Currency Fee
Banks charge foreign-transaction fees for credit card purchases and ATM withdrawals. The percentage collected by some banks on these fees has soared in recent years, in addition to set withdrawal fees. If you can, avoid using credit or debit cards from Bank of America, Chase, Citibank, and Wells Fargo (all charge 3%). When making an ATM withdrawal, look for ATM's associated with your bank. Both Bank of America and Citibank provide overseas customers with surcharge-free ATM withdrawals.

Money-Transfer Fee
A same-day money transfer can save you a $39 late payment fee on your credit card, at a price. Some banks will only transfer money for customers, while others charge a $5-$10 non-customer fee. Citibank charges a $20 flat fee regardless of the amount being transferred, according to bankrate.com. Western Union, which charges a fee of "approximately" $12.95 at agent locations (according to its website), will charge varying amounts for online and phone transfers. The rates at Western Union also depend on how much you are sending and how soon you would like it to arrive.

Balance-Transfer Fee
Those 0% APR offers floating around sure look attractive, but there can be a catch. Many credit cards are charging 3%-5% balance-transfer fees, some cap the fee at $50 or $75 but others do not. As if that weren't enough, some cards treat the balance fee as a purchase, which requires you to pay interest on the amount. Discover offers a number of cards with no balance-transfer fee; click here for a detailed list.

Travel

Paper Airline Tickets
Airlines, like many other industries, are encouraging customers to eschew paper documents in favor of "e"-alternatives. In the case of the airlines, it's the e-ticket. Airlines are charging customers from $50 to $75 dollars to issue a paper ticket. If you are going on a life-changing trip and would like a unique keepsake, then maybe a paper ticket is worth the price. Otherwise, there is no advantage to having a paper ticket.

Talk to Human
E-tickets aren't the only method by which airlines keep customers online. Airlines also discourage customers from speaking with human representatives by applying additional fees. The fee for booking a flight at an airline counter, or over the phone, can be as much as $20. If you have an aversion to the Internet, try people-oriented carriers like Southwest and JetBlue.

Airline Flight Change Fee
The cost of unplanned flight changes has risen sharply in recent years. Changing your flight on major airlines can cost up to $100. Refundable tickets are available, but cost more. Try flying low-cost carriers, like JetBlue, that charge only a fraction of the flight change fee charged by major carriers. Or, fly Sourthwest, which does not charge customers for changing flights.

Excess Luggage Fee
Exceeding the two-bag or 50lb check-in limit at the airport is quite expensive. Checking an extra bag can cost up to $185 and the fee for an over-weight bag could be as high as $100. Be sure to spread the weight of your luggage evenly between the two bags. Also, consider packing a larger carry-on bag.

Car Rental Insurance
In states where rental car insurance is not mandatory, rental companies offer customers a slew of optional add-ons. Daily fees are charged for things such as Personal Accident Insurance (pays some medical expenses and death benefits), Personal Effects Coverage (luggage and belongings), and a Collision Damage Waiver (damages to the automobile). Not that the above measures aren't worthwhile, but chances are, you are already covered. Most car insurance plans, and some credit cards, include rental coverage. Check with your insurance provider and credit card company, and avoid needless fees at the rental desk.

Telecommunications

Please see our section on Telephone Taxes and Surcharges