Junk Fees Statistics

You are right to be wary of closing costs – they typically add at least 2-5% of the purchase price to your sale! Closing costs include all miscellaneous fees associated with finalizing the loan, from attorney and broker fees to taxes and mail delivery. While some of these costs are fixed, there are several smart ways to save money at closing.

Pay attention to your estimates. 

Lenders are required to provide you with a “good faith estimate” of the total cost of your loan. Part of this estimate will include an itemized list of expected fees associated with closing costs. Make sure to review this breakdown thoroughly, so you know exactly what costs are included.

Shop around.

Closing costs can vary widely among lenders. To get the best possible deal, compare estimates from several different institutions. Closing costs also include some services that you can shop for yourself – such as title insurance, property survey, and pest inspection. You may be able to find a better deal than what your lender recommends.

Do the math.

Some loans may offer lower closing costs in exchange for higher interest rates. Use a loan calculator to determine how this may affect your long- or short-term mortgage plans. If you plan to keep the property for a long time, it may be in your best interests to take he higher closing costs now in exchange for lower interest rates down the road.

Close late in the month.

Lenders will usually charge you the interest for the month of the closing. Close as late as possible in the month to reduce the amount of interest you'll be paying.

Negotiate.

Most fees paid to a third party are non-negotiable. These include broker fees, attorney fees, notary fees, etc. But you'd be surprised at how many of the remaining fees a lender is willing to negotiate – especially if it means the difference between making a sale or not. Remember, you can always threaten to take your business elsewhere. So if any fees look suspicious or redundant, or are simply unclear, speak up! In some cases, the seller may also be willing to pick up some of your closing costs.

The bottom line.

Closing costs are inevitable, so make sure to factor them into your planning. Negotiating closing costs takes time, diligence, and a good deal of willpower. But the hundreds (or even thousands) of dollars you may save in the process could make a significant difference in your wallet – and your future home.

Yes, Bank of America does charge late fees when cardholders don't make the minimum payment by the due date. The late fee for Bank of America credit cards is $29 for personal cards, and it will increase to $40 for subsequent late payments within six months. After six months of consecutive payments since your last missed due date, the late fee will reset to $29 for personal cards. Thanks to the CARD Act of 2009, the Bank of...

The U.S. Bank overdraft fee is $36 per transaction that overdraws your account, if you have a U.S. Bank checking account that allows overdrafts. Some U.S. Bank accounts will not charge an overdraft fee but only because transactions that would overdraw your account will be declined. 

Key Things to Know About U.S. Bank Overdraft Fees

• Not all accounts are eligible for overdraft services. While most of U.S. Bank's checking accounts come...

The Bank of America overdraft fee is $10 per transaction that overdraws your account, if you have a Bank of America checking account that allows overdrafts. Some Bank of America accounts will not charge an overdraft fee but only because transactions that would overdraw your account will be declined. 

Key Things to Know About Bank of America Overdraft Fees

• Not all accounts are eligible for overdraft services. While most of Bank...

The Fifth Third Bank overdraft fee is $37 per transaction that overdraws your account, if you have a Fifth Third Bank checking account that allows overdrafts. Some Fifth Third Bank accounts will not charge an overdraft fee but only because transactions that would overdraw your account will be declined. 

Key Things to Know About Fifth Third Bank Overdraft Fees

• Not all accounts are eligible for overdraft services. While most of Fifth Third...

A credit card convenience fee is an extra amount of money a merchant charges for using a credit card in a transaction that's unusual for them. That means, for example, giving your credit card information over the phone or buying something online (e.g., movie tickets) when paying in person is customary. Not all merchants will charge them, though. Plus, credit card convenience fees will never come as a surprise. A merchant must clearly inform you of...

Credit card transaction fees are charges that merchants must pay to process customer payments made with a credit card. These merchant charges are commonly referred to as credit card processing fees, but this usually refers to a combination of different fees, including interchange fees, processing fees, and assessment fees – all of which are separate fees involved in processing a credit card transaction. They're also informally referred to as swipe fees or merchant fees.

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It is legal to charge a credit card processing fee in 47 out of 50 states, if it's a surcharge, and in all states if it's a convenience fee. A surcharge is an added cost just for using a credit card, while a convenience fee is a charge for doing a transaction that's unusual for the merchant (e.g. over the phone). You'll usually have to pay convenience fees on things like taxes and tuition, too.

Yes, Capital One does charge late fees when cardholders don't make the minimum payment by the due date. The late fee for Capital One credit cards can be up to $40, though the late fee can never exceed the minimum payment amount thanks to the CARD Act of 2009.

If you accidentally pay less than the minimum required payment or you miss your Capital One credit card due date entirely, you can always ask customer service to...