Money To Live

October 15, 2012

Read the Fine Print

Filed under: banks,investments,savings — by moneyconsciously @ 9:38 am

We all know we should read the fine print. But how many of us actually do read the fine print…and does it make a difference?

After reaching my savings goal, I planned to close a savings account. I wanted to use the funds, and I did not want to be charged the withdrawal fee. Since I was not planning to use the account again within the coming months, closing the entire account seemed a fair solution.

My bank assistant recommended that I simply withdraw the funds instead of closing the account, insisting — even after I expressed doubt about withdrawal fees — that I could do so without penalty.

I went home and checked the account terms and conditions. For my account situation, there was indeed a fee. If I had not read the fine print earlier, I would have followed the advice of the bank assistant and been charged this fee.

Reading the fine print ahead of time saved me money.

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