Mon. Mar 4th, 2024

3 Tips For Saving Money On Banking Fees

People are often surprised by the charges they see on their banking statements. In truth, most – if not all – of the fees can be avoided with a little savvy planning. It’s worth remembering that banking institutions are motivated to maintain long-term relationships with their customers. While the fees represent a source of revenue for them, their priority is helping you and your family with your financial needs. That includes providing checking and savings accounts, investments, and a variety of loans. In that light, here are 3 smart tips for reducing your banking fees.

#1 – Stay Within Your ATM Network

When you use your debit card at an ATM, stay within your bank’s network. Otherwise, you may charged $1 or $2 for the transaction. Some financial institutions maintain large networks while others manage smaller ones. The size of the network is not as important as having an ATM near your home or work.

When you withdraw money, take out enough to last the entire week. That way, you won’t be forced to make an unplanned $20 withdrawal at a machine outside your bank’s network.

#2 – Consider A Free Checking Account

These days, it’s easier than ever to get a free checking account. Many banks offer them because they realize a lot of free checking account customers will need loans, investments, and other financial services down the road. If you’re paying a monthly charge for maintaining your checking account, ask your bank whether they offer a free alternative. In most cases, you’ll discover they do.

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#3 – Balance Your Checking Account

If you don’t know how much money is in your account, it’s easy to bounce checks. In the old days, you needed to keep meticulous records because statements were mailed monthly. Today, you can log into your bank’s website and balance everything online. It only takes a few minutes and doing so will help you avoid bouncing checks.

Remember, each time you write a check without having enough money to cover it will carry a hefty charge (often, as much as $30). Keep track of your balance online and you won’t need to worry.

Saving Money On Banking Fees Is Easy

One of the reasons many banking customers are dinged with sporadic charges is because they fail to properly plan. For example, they might find themselves without cash while they’re out with their friends. A quick $20 withdrawal at an ATM outside their bank’s network might come with a $2 fee. Or, they may neglect to balance their money and bounce a few checks as a result. Each NSF (non-sufficient funds) event may carry a $30 charge. Use the 3 tips above to enjoy your bank’s services while reducing the charges you pay.

By Miracle