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How to Avoid Excessive Banking Fees
According to the Bank Fee Finder Report from Chime, consumers spent an average $329 on bank fees in 2017 alone. Some of these fees charged for services are reasonable. But paying a fee for something as routine as withdrawing money from the ATM seem excessive. Luckily, there are some precautions that can be taken to avoid such fees.
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A nominal fee is charged to hold an account in any bank. Some banks waive this fee if you make a direct deposit, maintain a minimum balance, have a mortgage with the bank or make a minimum number of consistent payments from the account. But sometimes, there is a limit on the maximum number of times you can withdraw money from your savings account before the bank starts charging you a fee for every withdrawal. This can be avoided by making strategic withdrawals throughout the month. There are some technologies in banking that help you track your banking activities. Additionally, banks charge overdraft fees when you spend more than the available balance in their account. One way to avoid these charges is to keep a track on the account balance so as not to get an overdraft. Another is to opt out of overdraft protection, which will clearly state that your account has insufficient funds.
Banks charge for ATM withdrawals. Withdrawing money from the ATM of the bank you have an account in or collecting money directly from a teller do not cost extra charges. Also, requesting for your account statement costs money, through email and at the bank. Banking technology trends that enable signing up for online banking and use of paperless statements can avoid this fee.
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By Thelton McMillian, Co-founder & CEO, Comrade