Are you tired of those monthly banking service fees? Do you dread seeing that monthly service charge on your bank statement? Do you ask yourself why do I have to pay a fee to keep my money in the bank? Don’t you wish you could get your banking for free or deserve free banking for being a long time customer. Here is how you can make that wish come true of completely free banking or at least reduced fee banking:
Eliminate the ATM fees
Tired of those non-bank ATM charges showing up on your monthly statement. Review your ATM usage. Are you using the first ATM that you see or the most convenient one which unfortunately is not your bank’s ATM? To eliminate the non-bank ATM fee only use your bank’s ATM or ATM network. You could also withdraw money from your local store that accepts debit cards. No fees associated with cash back when you make a purchase.
Prevent overdraft fees
Do you have a tendency to overdraft your account every once in awhile which result in overdraft fees? Establish overdraft protection for your primary account by linking it to a saving account or a credit card. Some banks may still charge you for using the overdraft protection but it will be less expensive than the NSF charge by your bank as well as the merchant. The best way to eliminate those pesky overdraft charges is to set up an alert on your account bank account to alert you that your account has reached a minimum balance that you have established. For example you may want to keep a couple hundred dollars as cushion in your account so you do not overdraw your account. Then set up an alert to notify you when your account has reached your predetermined cushion level. This post may also help Bank Overdraft UGH!! How to Avoid Bank Overdraft Fees with these 7 Tips
Avoid those monthly service fees
Service fees can usually be avoided if you keep the minimum account balance in your account. To do this you want to know up front what the minimum account balance is so you can maintain this balance to avoid incurring the monthly service charge. If you have multiple bank accounts consider consolidating your account to your main banking relationship. This way you can maintain the minimum balance to avoid the monthly service charge.
Avoid check fees
Are you tired of paying for checks? Stop writing them. You ask how will I pay my bills if I can’t write checks? Easy either have all of your bills paid by credit card or sign up for online banking bill pay service with your bank. Using either of these methods to pay your bills will not only eliminate the need for checks it will also simplify your personal finances.
So the next time you open your monthly bank statement and see if one of these fees on your statement.
If you have done the above but still are seeing bank fees, it maybe time to look for another bank but before you make the switch here are a few questions to ask yourself:
What have you heard from others who have used this bank? We are not hearing about bank failures as we did during the financial crisis but it can still happen. If you’re opening a new account, you want to be able to sleep at night knowing your money will be safe.
How convenient are the bank branches and ATMs for this bank? How often will you use this bank’s ATMs or branches?
Will you be able to view your account online and are there other online services available such as bill pay services or account alerts.
Will there be a monthly service charge for this account? If waived initially how long of a period will the fee be waived? Will you have to maintain a specific amount in this new account to avoid fees or to receive priority services or better rate?
What interest rate will this account pay? Is the interest rate on your account an introduction rate if so how long will you receive this initial rate? What will the rate be after introduction rate expires?
Other banking services
What type of service are you looking for? Are you just looking to use the deposit services of this bank or you looking to us other banking services such as safety deposit or bill pay services. What services are provide at this bank that are not provided at your current bank? Are does this bank provide better customer service than your existing banking?
Reducing your banking fees and asking yourself why you are banking here, you will be able to simplify your banking.
What have you done to reduce your banking fee?
How many banks do you currently bank with?
Til next time, take one step at a time to simplify your finances.