These days, it seems like the cost of everything is on the rise, and bank fees are no exception. Banking fees, savings and checking account fees, ATM fees and overdraft protection fees can all add up. Thankfully, by following the six tips listed below, you can cut down on some of these pesky fees and save more of your hard-earned money:
1.) Do Your Banking Online
To cut out the cost of paper bank statements, do your banking online only. Most banks offer their own app and have bank updates and notifications you can access easily from an online portal.
2.) Use Your Banks ATM, Only
ATM fees can really add up when you go to another bank. Although the $2 fee you pay to access your money might not seem like a lot, if you use an ATM that charges you every time you withdraw some cash, it can add up fast. Instead, ask your bank for a list of ATM machines you can use for free in the area or of course simply use your own bank’s ATM if possible.
3.) Opt Out of Overdraft Protection
If you regularly spend more than the money that’s in your account, perhaps this protection is worth the fees. However, it is expensive protection as it still means a $30 fee per transaction when you are overdrawn. Instead of depending on this protection, make sure you only spend what’s in your account and no more.
4.) Ask For a Removal or Reduction in Banking Fees
It’s amazing how many of the fees your bank regularly charges can be removed at your request. Call your bank and explain that you are trying to get your spending under control and the fees and/or interest rates they are charging are adding up. Many banks will simply reduce these charges or remove them altogether if you only ask, at least for a period of time anyway.
5.) Evaluate Automatic Payments
While automatic payments are convenient, as they take the payment from your account without you having to approve of the transaction, they can become problematic. For example, sometimes they might pull a day or two early and if your funds are unexpectedly low, this can cause an embarrassing and expensive overdraft situation. Therefore, it’s a good idea to evaluate whether these automatic payments are the best option for you. If you stay on top of your finances, they are likely fine, if not, you might want to utilize other payment options that allow you more control over when money is pulled from your account.
6.) Go Old School When Possible
The best way to avoid bank account issues and overdraft fees is simply to use cash to pay for things when possible. This is an old school way of doing things and admittedly can have its disadvantages. However, when you use cash, and only spend that, you will guarantee you aren’t hit with fees for overspending.
The six tips listed above a few ways to reduce bank fees and save money. Use them to ensure you stop wasting money simply for using a banking institution. After all, you are the customer, not the other way around.