Watch for New Bank Fees, and Safeguard Your Accounts and Cash by Terry Savage on Creators.com

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Watch for New Bank Fees, and Safeguard Your Accounts and Cash

It's the holiday shopping season, a time when banks and pickpockets hope you're concentrating more on spending than on safeguarding your money.

Bank fees are on the rise again, especially since consumers won the protest against monthly charges for access to their own money in the form of debit-card fees. Now, banks are still trying to figure out how to make up for the money they no longer are getting on each debit card transaction, ever since Congress cut and capped transaction fees.

Banks must give 30-day advance notice of changes to your checking account terms (less than the 46-day advance warning required of credit-card changes). They're trying to start the new year with new fees and terms. So if you get one of those "fine print" form letters from your bank, here are some of the things you should be looking for:

— Monthly checking account fees, higher minimums. Say goodbye to free checking. Banks are instituting monthly fees, especially if you don't keep a substantial balance in your checking account — in some cases at least $5,000.

— Online bill payment fees. Online bill payment used to be free. After all, it saves banks the trouble of processing paper checks. But more and more banks are requiring minimum balances, or a combination of other assets, such as CDs and IRAs. Otherwise, you'll pay a monthly fee for online bill payment.

— Fees for wire transfers, certified checks. Some services, such as wire transfers or certified checks, used to be provided free. Now banks are even charging fees for wire transfers that bring money INTO your account!

— Higher ATM fees. Many banks have increased the fees they charge if you use another bank's ATM.

So pay close attention to the fine print when you get your statement, or the little brochure describing "changes to your account terms." Look around for a community bank or credit union that might have far lower fees. The only problem is that they probably have fewer and less convenient ATMs. So make sure they will reimburse any fees charged if you use an ATM from another bank.

GUARD YOUR WALLET

The first line of defense is your own wallet or purse.

After all, the holiday season is also pickpocket season.

Take a look at all the stuff you're carrying around in your wallet. Do you need all of it? Sort out what you do need, and leave other things like your Social Security card, safely at home.

Then make a list of what's in your wallet, including the account number, plus the toll-free numbers to call if your wallet is stolen.

Here's what should be on the list — and it's more than credit cards:

— Credit cards

— Health insurance

— Auto insurance

— Membership cards

— Bus or transit pass

— Office key card for entry

If you have a list at home of what's at risk in your wallet — and whom to call if it is stolen — you can avoid some panicky moments.

SHOP SAFELY ONLIN

First, never shop — or do any financial transaction — on an unsecure wi-fi site, at a coffee shop or on a college campus. It's far too easy for others to track your moves and then sign in later using your ID.

Use only secure corporate websites to shop. If the site uses "https" — not just "http" in the web browser line, it indicates a higher level of security for your transaction information.

Never send credit-card information by e-mail. Even if you're sending that kind of information to a friend, it can be intercepted and misused if your friend opens the e-mail on a smart phone e-mail program that is not secure.

Check your credit-card balances online every day during the shopping season — and be alert to any unauthorized charges.

Use your credit card, not your debit card, for shopping online. Any fraudulent use of your Visa or MasterCard is 100 percent protected, as is debit card fraud. But fraud on your debit card could drain your bank account — and it could take a while to get your money back.

These tips should help you have a financially safe holiday. But the best tip is to shop with restraint. And that's The Savage Truth.

Terry Savage is a registered investment adviser and is on the board of the Chicago Mercantile Exchange. She appears weekly on WMAQ-Channel 5's 4:30 p.m. newscast, and can be reached at www.terrysavage.com. She is the author of the new book, "The New Savage Number: How Much Money Do You Really Need to Retire?" To find out more about Terry Savage and read her past columns, visit the Creators Syndicate Web page at www.creators.com.

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