Save Money on Bank Fees and Put cash back in your pocket. Don’t getting court out with unnecessary bank fees and charges.
How often have you looked at your bank statements only to notice that money has been taken from your account? With further research, you find out it is a fee or charge from the bank.
Here we look at some ways to reduce and even make sure you don’t get these little surprises.
These tips could save you hundreds or even thousands of dollars over your life time.
1: close any accounts you do not use, now a day’s banks will automatically close accounts that have not been used for a certain amount of time. These accounts will more than likely also be charged account keeping fees.
save money on bank charges
2: Save Money on Bank Fees, know what your accounts charge, do they have yearly account keeping fees, do they cost to send you statements, transfers, card usage fees etc.
3: Avoid accounts with Overdrafts if possible. Overdraft fees apply when an account is over drawn and can rang massively depending on the amount overdrawn. You can reduce this risk by Keeping Enough Money in Your Accounts and knowing what is coming out to prevent the account going into a negative balance.
4: use online banking rather than over the counter some banks will charge to use over the counter services.
5: See if you can work with one bank for all your account, bundling accounts can reduce fee and charges. This also makes it easier to keep track of your money. Account transfers are also instantaneous. This will reduce waiting time and fee for bank to bank transfers.
5. Don’t pay to access your cash. ATM machines may be convenient but. If you use ATMs from other banks you will find yourself getting hit with a 2 – 3-dollar fee just to access your own cash
Save Money on Bank Fees
6: credit cards are great for convenience. These are the biggest income earners for the banks, interest is high and if payment is not made on time an overdue payment charge is added. Interest on credit cards is added monthly and can easily send your cards balance into the red and for this you will be hit with a over limit charge. Most credit cards also have a yearly account keeping charge.
So, credit cards can be great for online shopping and convenience but just know they come with
Over drawn charges
Yearly account charges
Cash advances/cash withdrawals
To reduce or even eliminate some of these fees make sure to keep track of your spending and pay the minimum payment plus extra.
7: Loans, it doesn’t matter if it is a personal loan, home loan, car loan or credit card. Haggle to get the best possible interest rate. Make sure you make payments on time every time and always try to add a few extra dollars with each payment. Over the course of the loan you will save massive amounts of money.
Finally, to Save Money on Bank Fees, Choose an Account with Fewer Charges.
Ask your bank about how bundled services could help you avoid unnecessary fees. Use Online Banking to Avoid Paper Statement Fees. Make payments on time. Be sure your accounts have enough money in them. and even Ask the Bank to Waive Fees. If you’re not satisfied explore your alternatives with better, cheaper services. But most of all take control of your money and budget your finances.