#221: What You Don't Know - Part II (Friday, March 25)

Last week's Good Friday was dedicated to financial situations that you may have that you don't even know about. I found some other situations that could be costing you valuable money: recurring subscriptions, bank fees and state laws.

Recurring Subscriptions: Two years ago, Amazon had an offer of free overnight shipping if you signed up to use their Prime service. I took the trial offer...and forgot about it. They ended up charging my card $75 for the year--the most expensive book I've ever sent. But since I didn't cancel after the first year, they billed me for 2010 in August. Thankfully, Amazon's policy is that they will refund your membership if you haven't used it, so I was able to cancel and get the 2010 membership fees back. Most recurring submissions bill annually, so it's easy to miss it on a credit card statement. Check your statements to make sure you're not being billed for an annual subscription that you may have simply forgotten to cancel.


Bank Fees: Banks are becoming increasingly regulated so they have to figure out ways to still operate profitably. As a result, many banks are now cutting back on rewards programs  and a few have even raised the fees on ATMs, overdrafts, insufficient funds and the like. In fact, Chase just announced that it's testing $5 ATM fees for non-customers! Of course, banks are legally required to notify you before they change the fees on your account, but how many of us actually read the notifications from our bank unless it's a statement? Double-check the fees you're currently paying your bank. Use the worksheet from Good Friday #212, or go to bankrate.com.


State's Rules: I just found out that in California, cell phones are considered a luxury, so there is a luxury tax on them. Yes, you'll have to pay your taxes, but knowing is half the battle and you can make more informed decisions.