The fees that banks charge never cease to amaze me. For instance with the bank that I use if I use another ATM to check my balance there is a fee. If I use another ATM to withdraw money, not only will I be hit with the fees from that specific ATM I will also be hit with a fee from my own bank for my audacity to use another bank’s ATM. It is crazy, but I think many people have simply accepted this as a part of life and dealt with it. Is it right? No, but what am I going to do about it?
Health Savings Accounts are another story. Many banks have begun charging fees for these accounts. These savings accounts are being hit with monthly and annual fees on top of the standard set up fee. Let’s think about this for a second. Let’s think about this for a second.
- HSAs maintain and grow their balances without a lot of withdrawls
- Banks earn interest on that money
- HSAs need little to no customer service or maintenance
There’s more too, but that’s enough. The fact is banks are LUCKY to have these accounts. They are cash cows for banks and the banks don’t appreciate it. If you currently have an HSA at a bank that is charging you a monthly or annual fee it might be time to consider transferring it. You are being nickle and dimed for an account that was created to help you. Use your HSA to build towards your future, not a banks bottom line.
