Eliminate your Banking Fees with these simple tips

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.  Also for more tips on how to eliminate the non-bank ATM fees read  6 Ways to Knockout ATM Fees.

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.

Avoid those monthly service fees – These 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 them so you can maintain the minimum balance to avoid the monthly service charge.  Also if you have multiple banking relationships consider consolidating them to your main bank this way you can avoid the monthly service fee.  Also read my post Things to Consider when Opening a Bank Account.

Avoid wire fees - Do you wire money every time you need to send money?  If you are just sending money to a friend, relative or paying a bill, you easily send it by automatic clearing house (ACH) instead of wire without the fee.  Unless the money is a significant amount for example to make a large purchase and you should send by wire to make sure it was delivered and it can be tracked.

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.  See post Who Else Wants to Save Time and Money.  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 one of these fees on your statement remember these five ways to eliminate or reduce those fees so you can simplify your personal finances as well as stop giving your money away to your bank.

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