A popular research study has shown that in the United States, more than a whopping third of all Americans are currently struggling to pay debts. First, people should start taking a closer look at their bank accounts, so that they can avoid unnecessary charges. Even small unnecessary bank fees can further push you deeper into debt, which would in turn make it very difficult for you to recover financially. Let’s see how you can avoid unnecessary bank fees and keep all the money that actually belongs to you. Let’s get started!
To Avoid Bank Fees, Find Out What Fees Your Bank Charges
There have been many regulations put in place by the US government so that you can’t be charged outlandish fees by your bank. The first step when it comes to avoiding unnecessary bank fees is to find out what your bank can charge. Previously, there was a time wherein banks used to charge overdraft fees for each purchase that exceeded the account balance. Banks can no longer do this by their free will and they have to mandatorily give their customers the option to either opt-in or out of overdraft protection.
Now, despite these regulations put in place, there exists some banks which still get away with charging high penalty fees for simple mistakes their customers end up making. To safeguard yourself from these practices of the banks, always make sure you read the conditions before opening an account. Also, do not forget to read the new fee structures when your bank updates its policies.
Opt for Banks Without Dubious Charges and Fees
Your best way to avoid bank fees would be to opt for a bank that is not after your hard-earned money. If you are someone who has become absolute in paying fees for minor things such as ATM withdrawals and other charges, now it is the time you search for banks that don’t charge for these services. A good place to start your research would be the internet.
Does Your Bank Offer Bundled Services?
Banks will always want their customers to use as many services as they can possibly use. Many of them offer the elimination of certain fees for customers who choose to opt for bundled services. If you are someone with a checking account then you might need to pay a small monthly fee. Now, if you add a savings account, then you can lower or eliminate that particular fee. Enquiring about bundled services in your bank can certainly help you shave off a lot of unnecessary bank fees.
Make Use of Online Banking to Avoid Fees Related to Paper Statements
Now that all banks have started offering online banking services, you might have to pay extra for paper statements. You can easily avoid this by opting for obtaining your statements electronically instead of on paper. Enquire about this with your bank and then choose online banking facilities over paper statements.
This brings us to the end of our discussion on how to avoid bank fees. Now, let us know some of your personal strategies for doing the same.
