A new study suggests that many credit and debit card customers are not keeping a close enough eye on their accounts.
The study by Mybanktracker.com claims customers are dishing out hundreds of dollars in extra charges each year for services they never meant to sign up for or wanted.
Alex Matjanec said, “So one of the most popular ones is the free to paid model, which you’re signing up for something to get free advice or free monitoring of something and then you’re later connected to being charged on a monthly basis.”
Those extra fees are known as ‘grey charges.’
The study found that one in four consumers found a ‘grey charge’ on their account but many overlooked the small fees, which can easily add up.
In fact, those charges cost consumers more than $14 billion last year.
Matjanec said, “These grey charges fall between $12 and $18 and we’ve seen that today’s consumers are blind to that number and if it doesn’t really go about $20, it doesn’t flag a red flag for these users.”
Experts suggest using cash or a check when making those last-minute purchases and avoid giving your credit card information for anything that says it is free.
They also say customers should go over all their bills with a fine-toothed comb to find anything that is out of the ordinary.