An Israeli website, FeeX.com, may help Americans who try to save money actually save money instead of unwittingly having a portion of those funds sapped away in pointless bank and mutual fund fees. It is estimated the average American household will have $155, 000 suctioned off in hidden fees in a lifetime. FeeX.com helps clients screen their finances and accounts for invisible fees and can provide solutions to reducing or avoiding them.
CEO Yoav Zurel said, “We want people to know what they are paying in fees when they write that check to the mutual fund and what they are paying to the bank each month in fees. And it’s a lot.”
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However, many fund managers and financial companies arguing that the fees they charge are for legitimate and perhaps essential services, and they are not excessive. Rachel McTague, a spokeswoman for the Investment Company group, argues that the averages expenses paid for funds “have been trending down for a decade.”
John Bogle, founder of Vanguard Funds, says if some expenses have been reduced, assets of funds have expanded over the last two decades, and concludes, “costs have soared.”
