Bank fees can be avoidable if you are smart about them. Who wants to pay a fee just to store their own hard earned money? The majority of Americans either doesn’t pay a banking fee or pays very little, so it is possible.
Use Free Savings and Checking Accounts: Banks will still offer these, so take advantage of them. While no one either wants to go to the bank or talk to a representative on the phone, it could be as simple as asking if your bank offers this. If your bank doesn’t, you may be able to find another bank that offers one for free.
Sign Up for Direct Deposit: If your checking account isn’t already free, many banks will offer free checking when you receive your paycheck or benefits check as a direct deposit each month. This is not only good for avoiding paying a bank fee, but it will also save you a trip to the ATM or having to wait if you deposited your check through a mobile app. Your money will be available immediately.
Keep the Minimum Balance: If your accounts have a minimum balance, keep it in order to avoid a fee. This also helps you avoid any accidental overdrafts.
Keep Multiple Accounts at the Same Bank: Banks want the whole customer relationship, so they offer services for free if you have both a savings and checking account with them, or multiple accounts.
Use Your Own Bank’s ATM: ATM fees are expensive and you can avoid them by using an ATM that is affiliated with or owned by your bank. Popular banks will have ATMs throughout the country, but you may have to do some searching for them. If you have to use an ATM that isn’t affiliated with your bank, then take out a larger withdrawal so you can avoid having to go back multiple times. If your bank has an app, you can use it to find a free ATM.
Keep Track of Spending: If you keep track of transactions and account balances, then you can avoid spending more money than you have. This will allow you to avoid overdraft fees and fees for bounced checks.
NEXT: Keeping Track Of Spending – Setting Up Alerts
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