How to Save on Banking Fees
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Banking fees can really add up if you are not paying close attention. They are also one of the more frustrating elements of managing your finances. That is why finding ways to save on banking fees can help you tremendously. Here we look at some ways to do just that!
Banking fees can really add up if you are not paying close attention. They are also one of the more frustrating elements of managing your finances. That is why finding ways to save on banking fees can help you tremendously. Here we look at some ways to do just that!
To begin with you need to be informed about what fees you are paying. Go to your financial institution and have a talk with a banking officer to find out what fees you are currently being charged on your account. Find out if it is possible to set up your account (s) in order that you will pay fewer fees or even better, no fees at all.
If you are inclined to use ATMs often then get out of that habit as soon as possible! Using an ATM machine that does not belong to your bank could cost you as much as $1.50 to $3.00 at a time. Plus your bank will then charge you a fee on top of that. The fees you pay for the convenience of using an ATM can be very steep and can drain your bank account faster than you realize.
If you must, only use ATM machines that belong to your bank as most banks do not charge their customers fees to use their own machines. Better yet plan ahead and go to the bank and take out what you need in order that you won’t have to use an ATM at all.
Some banks offer their customers low fee or no fee checking accounts. Due to the competitiveness of banking this can work to your advantage and is an excellent way to save on banking fees. Investigate your options at a variety of different banks.
Some banks charge you a fee if you don’t keep a minimum balance in your account. This is a money grab and you should avoid it if you can. Look for a bank that offers accounts that do not require a minimum balance on a monthly basis.
If you do bank somewhere that imposes a minimum on your account and you don’t want to take your business elsewhere then find out if you can combine your accounts. There are some financial institutions that will waive fees if accounts are combined. To use an example of this, if the minimum balance required for a free checking account is $1,000 then some banks may allow you to combine other banking products such as savings accounts and/or certificates of deposit (CDs) to make up the minimum. Find out more details about this at the bank you deal with.
To save on fees at your banking institution it is important for you to know everything that is going into your account and coming out of it. In other words, track all of your transactions. Two of the most expensive fees that banks charge include penalties for checks that have non-sufficient funds (NSF), another way of saving that the check bounced, and overdraft fees. That is why you need to pay close attention to the activity in your bank account. Look over the transactions in your checking account at least once a month. The key is in being aware of the details.
These are just a few ways that you can save on banking fees. There are plenty of things that you can do to be smarter and wiser with the money you work hard to earn.
