Discovering and avoiding unnecessary bank fees is essential to maintaining your financial well-being. Let’s explore seven common bank fees you should steer clear of and practical tips on how to avoid them.
1. Account maintenance fees
By opting for online banks or credit unions with low minimum balance requirements and no maintenance fees, you can avoid these charges and make the most of your savings.
2. ATM fees
Select a bank that offers ATM fee reimbursement or belongs to a large ATM network, providing easy access to surcharge-free ATMs across the nation.
3. Overdraft fees
Avoid expensive overdraft fees by practicing careful account management or signing up for overdraft protection, which automatically transfers funds from savings to checking to prevent fees.
4. Account inactivity fees
Set reminders to make small transactions regularly or consider switching to a fee-free bank to steer clear of these charges.
5. Paper statement fees
Go paperless with electronic statements through online banking, saving both money and time on unnecessary mail.
6. Wire transfer fees
Find a bank that waives wire transfer fees or explore alternative payment methods like money transfer apps or the ACH system.
7. Account closure fees
Before closing an account, ensure you meet the bank’s specified conditions to avoid account closure fees, especially common with accounts offering cash bonuses.
Final tip: Request fee waivers
If you encounter any of these fees, reach out to customer service to request a waiver, especially if it’s an infrequent occurrence for you. Consider switching to a more fee-conscious bank for better financial management.
By being proactive and informed, you can safeguard your money from unnecessary bank fees and enjoy a smoother banking experience.