Keep a close eye on bank statements - | WBTV Charlotte

Keep a close eye on bank statements

CHARLOTTE, NC (WBTV) - Gene Reed didn't think much about his Charlotte Metro Credit Union account after he opened it.

"I opened it in 2009 with $40 just to see what it would be like with a credit union instead of a traditional bank,"  Reed said.

He says he had no need for the money, he didn't touch the account again, and even piled the monthly statements up in his home without opening them.

"Then I got this statement that said I had a zero balance.  They had been taking inactivity fees, and withdrawal fees from my account," said Reed.

When he visited the credit union to ask why, he says he was told this was a new fee the bank was charging.

We asked a spokesperson with the credit union if that were true, and she would not say.  However, she did express how important it is for customers to read the statements which come in the mail.

Remember, earlier this year, banks and credit card companies were forced to change the way they do business in order to reduce the number of fees being charged to customers.

Banks make much of their money on the fees they are able to charge, and some are adding new fees or getting more aggressive with those which were already on the books.

"If I could give advice to anyone it would be to make sure you ask, before you sign up for your account, what fees are charged if you don't use your account," Reed said.

Powered by Frankly