Bank Fees and How to Avoid Them!
A lot of the fees charged by your bank can be avoided. Recently, a survey by ABA revealed that most adults in the US (those aged 18 and above) pay very low monthly fees or none at all. You can get around bank fees quite easily by simply ensuring you have a minimum amount in your account and not using ATMs that do not belong to your bank.
If you want to keep your bank fees to a minimum, these tips will help you:
- Lots of banks offer free savings and checking accounts, so use them!
- Set up direct deposits. Several banks won’t charge you fees if you get your benefits check or paycheck automatically deposited in your account every month. This has the added benefit of giving you access to your money straight away.
- Ensure you have a minimum amount in your account at all times. Some banks waive fees if you have a certain minimum amount in your account and not going below this amount will also stop you from incurring any unintentional overdraft fees.
- A lot of banks are interested in establishing a strong client relationship and could waive fees or provide free services when you hold several accounts with them. So, look into opening a checking and savings account at the one bank.
- ATMs may charge you a withdrawal fee when you use an unaffiliated bank card, so avoid ATMs that aren’t connected to your bank. If this isn’t possible, withdraw a larger amount so you don’t need to make multiple withdrawals.
- Spend within your means. Overdraft fees and bounced checks can be costly, so keep an eye on your spending and the balances of your accounts.
- Automatic alerts can help you stay on track with your spending. Sign yourself up to receive an automatic text or email alert should your balance drop beyond a certain point.