How To Save Money On Bank Fees

Posted by Bimbita on January-7-2012 under Save Money

Here are some ways for how to save money on bank fees. Using a bank account and services can be a real boon. Bank fees can be quite a setback when you start using many of their additional services or make a late payment or some mistake. Bank fees or bank charges can set you back quite a bit. However, there are means to save you money on the bank fees charged.

Stop Withdrawing Cash From Non-Bank ATM

If you withdraw cash from a bank ATM that’s not part of the banking chain, it can add-on to the costs of withdrawing cash. Even though, it can cost between $2-$3 per visit, very time you swipe the card at ATM, you will be adding to your expenses. Sometimes this can’t be avoided if you are travelling, but take care when you are in the city.

Also, check out 5 Tips To Avoid Bank Free posted by us.

Maintain Sufficient Funds For Recurring Expenses

If you have recurred payments for mortgages and other loans, ensure that the account has the amount. Otherwise, the banks will charge you a fee every time there are insufficient funds and bank charge from other accounts that you maintain with the bank.

Always keep the requisite monthly balance and this will ensure that bank fees aren’t applied on the account for deficient funds. Many banks also waive off bank charges during promotional events where those that have a checking and a savings account don’t need to pay any charges for maintaining the monthly balance.

Maintain a healthy balance in the account and monitor the deposits and expenses in the account. This will ensure that you don’t get charged by the bank. Always analyze your monthly statement and check whether any wrong charges have been applied to the account or not. If charges are being wrongly applied to the bank, then bring it to the notice of the bank immediately and ensure that it’s gets corrected immediately.

Read The Fine Print

Always read the fine print when opening the account. There can be charges when operating the account. Debit card fees, non-bank ATM operation, getting a new cheque book, bill payment services etc. can add up quite a bit throughout the year. There are also penalties and charges that can be levied if a cheque I bounced or automatic debits transfers are bounced for want of insufficient funds in the account.

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