7 Sneaky Bank Fees to Watch For

7 Sneaky Bank Fees to Watch For

Banks have had a monopoly on money and people have had to resort to saying “that’s just the way things are”. That is, until now. Banks now have some competition. It’s called Bitcoin.

sneaky bank fees

The following guest post is courtesy of Paul Puey, CEO and Co-Founder at Bitcoin wallet company Airbitz.

I sent a transfer the other day to a freelancer we work with in the amount of $250. My bank charged me $30 because it needed to be done the same day and then his bank charged an extra $15 for “incoming wire fee”. $50 to send $250. 20 percent.

Really?! We live in a world where I can step into a machine, fly through the air and be across the world in 12 hours. I can open a device and connect instantly with any of the three billion people connected across the world, yet when it comes to money we are severely limited.

Paul PueyYou all know what I’m talking about. It’s those little fees you see at the bottom of your bank statement. Some are so small you shrug them off while others catch your attention, but at the end of the day you remind yourself “that’s just the way things are” and move on with your life.

The truth is, banks are ripping you off. Every day, all across the world, banks take advantage of their customers.

Let’s take a step back and look at a basic concept: Your money is leveraged 97% (in the US) so the bank can make money by loaning it

Originally appeared at: http://leaprate.com/2015/09/7-sneaky-bank-fees-to-watch-for/