New Web Site Wants to Bring Transparency to Banking Fees

A new Web site promises to help users uncover hidden bank fees. “Bank Fee Finder is an important tool that helps Americans improve their financial well-being. Most people drastically underestimate how much they pay in bank fees, including ATM, overdrafts, late fees, and any other bank fees. In a study conducted by Common Cents, most people reported paying $5 per month, on average, in ATM, overdraft, and monthly service fees. Yet, a 2016 study conducted by TransferWise revealed that American households spend about $25 a month, or $290 a year in bank fees on average. Unexpected bank fees are especially relevant given another Common Cents study that found 36% of households have less than $500 in savings (including retirement savings).”

I like the idea but you have to supply your online banking information, and I ain’t doing that. It would be nice if you could get some fee information without immediately going to that level of trust.