Sunday Savings Tip: Avoiding Bank Fees

piggy bankOne dollar here, two dollars there, extra bank fees seem to pop up everywhere. Bank fees mean less money in your savings, and in this economy no one can afford that. Following these simple tips can result in significant savings over time.

 

  • If you have a required minimum balance, treat that amount like zero. So if your minimum balance is $200, train yourself to see a balance of $1,000 as $800 instead. If your balance drops below the required balance at any point, even for just a day, you will be charged. Some banks will waive the minimum balance requirement if you set up a direct deposit to your account; direct depositing your paycheck also makes it easier and faster for you to receive your money.
  • Only use your bank's ATMs. It may mean walking the extra block, but at $3-4 per transaction it's well worth the effort. If you had to insert money in order use another bank's ATM, would you still use it?
  • Never be afraid to question a charge on your account. You are the bank's customer; they want you to continue banking with them.
  • And most importantly, know the details and stipulations associated with your account. There is nothing worse than being charged for something when you thought you were doing everything right. If there's a condition on your account that doesn't suit your needs, ask about other account options.

To see more savings tips, click here. Was this information helpful? What additional methods do you use to gain financial freedom?

 
 
 
 
 
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