We have all opened our bank statements and had a few choice words about all of the fees that are eating up our hard earned money. Many of these fees can be avoided if you know how. Here is how you can avoid five common bank fees.
The basic checking account fee, which can range up to $20 per month, can usually be avoided by arranging a direct deposit even if your bank requires a minimum balance.
Overdraft fees can be as much as $35 per item. Some banks even tack on additional fees if you do not cover the overdraft quickly. Link you checking to savings. Most banks will charge you $5 to transfer the money, but that is better than $35.
Next is the ATM fee. Even worse is if you use an ATM that is not in your bank’s network…double the fees. There are mobile apps to help you find in-network ATMs and many online banks rebate ATM fees with direct deposit.
Do you use personal finance software to track your spending habits? Some banks charge $10 to download information to your software. Look to sites like Mint.com or MoneyStrands to aviod that fee.
One of the most annoying fees is the teller fee. It is hard to believe that you are charged for common customer service. Unfortunately, the only way to aviod this fee is to research the account that you are signed up for. This fee usually only hits people who have chosen an online only account.