Sign Up for Alerts: Keeping track of spending isn’t always easy when there are a million other things to think about in the day, so sign up for text or email and receive notifications whenever your bank balance drops below an established amount. This will also help you avoid any fees for bounced checks or overdrafts. You can also sign up for alerts for any big purchases, or if someone is using your debit card online, in order to keep better track of spending and help prevent any fraud on your account.
Avoid Excess Transactions: Certain accounts, usually savings or money market accounts, will cap the number of monthly withdrawals you can make. These fees can range from $3 to $25 dollars per transaction if you go over, and can even increase as you increase with additional transactions.
In order to avoid these fees, don’t use your savings account for bill pay or everyday withdrawals and be strategic about the money you are withdrawing from it. After all, savings accounts should be used for specific purchases that you saved for or for emergencies.
Be Mindful of Wire Transfers: Wire transfers are a fast way to send money but banks will charge to complete them. If you can avoid using this do so, but sometimes it could be your only option.
Don’t Close Your Account Too Early: Some banks will require you to keep your account open for a certain period of time or face a penalty. You usually need to keep the account open for 90 to 180 days before closing it to avoid a fee.
Since banks will sometimes offer promotions for opening a new account, be smart about this and don’t open an account for free money. If you do open an account, you will have to follow the tips in order to avoid fees and ensure you don’t close it before the timeframe.
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