Americans Shelling Out More Than $12.6 Billion in Bank Fees and Penalties

Ways to cut bank charges and actually make these institutions pay you.
3:12 | 07/16/13

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:



Skip to this video now

Now Playing:


Related Extras
Related Videos
Video Transcript
Transcript for Americans Shelling Out More Than $12.6 Billion in Bank Fees and Penalties
tonight the real money team is back about getting and saving money from your bank. Last year americans shelled out more than $12.6 billion in bank fees and penaltipenalties. What if you could change all that. Paula faris joins us in chicago. Good evening. Reporter: Good evening from beautiful chicago. The average american getting burned $225 every year by bank fees and that money sitting in our checking accounts earning next to nothing. We learned from one chicago family there are easy, inven tif new ways to cash in on our money. Chicagoans jeff and kick strickland say they're getting burned by their banks. We try to pay the credit cards off every month. We probably missed here and there. Reporter: Dad in it. Mom on author. Their bank accounts are earning them.05 in interest, a grant total of $225. Reporter: How confident are you that you are not leaving money out there? Probably not that controversy. Reporter: We brought in financial expert from the money saving site nerdwallet.Com. First the low interest account, tip number one, head to depositaccounts.Com. They track every bank and credit union on record. I'm looking for the highest yield interest checking accounts. We find the stricklands one that will earn them 4% interest. That may not seem like a big deal. For example, if you have $10,000 in the bank, that 4% will earn you $400. Remember, that's 80 times what they were making before. They just have to agree to do all their banking online. If you are getting stunk by atm fees, consider a credit union. Many will actually reimburse your atm fees. Reporter: About their credit cards. Do they have the right credit cards? Unfortunately, got to go with no. How did I know you were going to say that. Reporter: Tip two, log only the free site nerdwallet. It will recommend credit cards right for you, saving them $50 in annual fees and cutting their interest rate. Finally, those irritating fees, tip number three, never pay another again with this free app, mint. It tracks your spending and sends is warnings so you don't get hit with fees. These companies count on you not paying attention to charges that add up. All told the stricklands will cash in on an extra $3,000 in five years. That's real money! In order to retain those high interest rates the banks and credit unions have requirements and parameters. Tomorrow we tackle dental costs. Nearly half a million americans do not have dental insurance. We're going to show you how to slash your bill by 40 or 50%. Paula faris reporting again

This transcript has been automatically generated and may not be 100% accurate.

{"id":19683452,"title":"Americans Shelling Out More Than $12.6 Billion in Bank Fees and Penalties","duration":"3:12","description":"Ways to cut bank charges and actually make these institutions pay you.","url":"/WNT/video/americans-shelling-126-billion-bank-fees-penalties-19683452","section":"WNT","mediaType":"default"}