RobbedMoney is usually tight for many people year round, and during the holiday season it can get even tighter. To make matters worse, many banks try to take advantage of low bank accounts during the later months in order to make some extra profit on fees and overages. These kinds of fees can turn your bank account from the positive to the negative overnight, leading to a tough start to the New Year. On average, bank fees come out to about $300 a year, and if you’re smart about it you can reduce that amount dramatically. Thankfully, bank charges are almost always completely avoidable if you are aware of your funds and take certain measures to avoid them. Save money by avoiding bank fees, and also save money by getting a free website from If you’ve been charged with some hefty fees, check out these tips to make sure you avoid them in the future.
Switch Banks
Switching banks is the easiest way to avoid fees altogether. No matter what you do with your money, many banks will still charge you fees just to watch over your cash. That doesn’t seem fair, does it? Thankfully, there’s a better option. Opt to switch your money from a corporate bank to a local credit union. Credit unions are not for profit, meaning you won’t be slapped with ridiculous fees for small things. Credit unions are also great for loans because they typically offer great rates as opposed to the big banks, so consider refinancing your home or car loan with a credit union to save some money.
Keep a Minimum Balance
Many banks charge fees if you fail to keep a minimum balance on certain accounts. It usually depends on the type of account you have, but check with your bank to see if there are any requirements on keeping a certain balance for each of your accounts. If your bank requires this and you fail to keep your balance above the threshold, you could be charged fees every day until it is back over the threshold, leading to an expensive charge. If you do have accounts that require this, inquire with your bank to see if they have any accounts that don’t require a minimum balance. If they don’t, it might be time to switch banks.
Only Use Your Bank’s ATM
One of the most common charges that many people can easily avoid is being charged by using a different bank’s ATM. In addition to being charged the service fee by the ATM itself, your bank will also likely charge you a fee. Simply taking twenty dollars out of a different bank’s ATM could result in $5 or more in charges.
Opt for Online Banking
This one seems a little bit ridiculous but it is very true; many banks these days will charge you a small fee if you still receive paper statements in the mail. It may only be $1 or less, but that’s a fee that’s completely avoidable if you sign up for online statements and online banking. Plus, you’ll be reducing the amount of paper waste that goes through the mail, so switch to online statements today.