5 Practical Tips to Avoid Bank Fee

Posted by on April-13-2009 under Save Money

Avoid_Bank_Fee I totally hate bank fee of any kind: minimum balance fee, ATM transaction fee, Overdraft fee, and tons of others.

Here are a few simple tips that I follow to Avoid Bank Fee

1) Choose the Right Account for You

Most of the time when we go to bank, only thing we tell our banker is that whether we need a checking account or a savings account. We do not check with them what are the minimum fund requirements for that account, does ATM withdrawal carries a fee etc. It is very important to ask these questions at time of opening the account, so that right account is chosen as per our needs.

2) Check Account Balance regularly

I have signed up for online banking for all my accounts, and check my account balance at least once a week. It takes me less than 5 minutes to do that for all my accounts – a time worth spent.

3) Sign up for online alerts / SMS alerts

Most of the banks now provide online or SMS alerts. Essentially, you get notified whenever some defined condition occurs, like balance falls below $100, or something like that. So, you will immediately come to know that you need to take some corrective action.

4) Try to link your multiple accounts together

Some banks provide an option to link your savings and checking accounts together, so that shortage of money in one can be fulfilled from other. Check with bank to ensure that they do not charge any additional fee for this service, before going ahead with this option.

5) Reduce number of transactions

Some banks even carry a fee if number of trasactions (ATM or online) exceed a specified number in any month. Make sure you are aware of that (as mentioned in Point 1), Then, try to reduce your transactions so that you do not exceed the maximum number of free transactions.

If there are some other tips that you follow, share those in Comments

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2 Responses so far.

  1. Sarah Eliza @ devastateboredom says:

    Linking accounts and checking balances regularly are big ones for me… Those save a *lot* of grief lol. Thanks for the tips!

    Recent blog post: Generating Shock-and-Awe Shopping Savings…

  2. Save Few Bucks says:

    @Sarah – yea, that’s true. I realized it after I was charged $35 overdraft fee on my checking account, even though had money in savings account .. learnt it the hard way :)

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