Bank fees are charges that you have to pay separately for using the services provided by the bank. While it seems fair, it is unhealthy for your pocket. There are times that you might be charged for services you may not be aware of. Therefore, to help you avoid paying more, here are 8 tips to avoid bank fees.
Maintain sufficient balance
Banks charge a certain amount of fee if you fail to maintain a sufficient amount in your bank account. However, make sure you at least keep the required amount in the account. Even a dollar below the determined account balance will cost you a penalty.
Deposit your money on your own
Some banks ask you to pay a nominal fee if you are not the person who is depositing the money in your account. They require an acknowledgment certificate from the depositor that you approve of them depositing the money along with a certain fee. Depositing money on your own in your home branch will spare you that fee.
Withdraw money only from your bank’s ATM
ATM fee is one of the most expensive things about banks and everyone knows it. So, if it is possible to excuse yourself that fee, do it because it may seem minimal at a glance but many such fees sum up to a bigger amount.
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Keep a check on latest offers that provide discounts
Register your mobile number and email address with your bank and keep looking for discounts and offers that allow you to save money on your bank account. These offers may include a zero-balance account or even an exemption from the debit card fee.
Go digital
Technology is the only tool that will help you be aware of the things you might not know. Did you know banks charge you a fee for sending a physical bill or statement to your place? Well, now you do. Sign up for paperless online bills and save some money. Also, engage yourself in online transactions.
Avoid withdrawing money multiple times
This is a golden rule that should be taken into account. Banks charge you for withdrawing too many times. If you withdraw larger amounts, you will not be required to visit the ATM again and again.
Keep a track on foreign transactions
Every time you import something and pay online for it, you are required to pay a little extra. This could be because there is an exchange of currency or the shipping charges are high. Hence, you need to keep a check on your foreign transactions. Ask your local stores to order it for you as they already pay import fees.
Link family members’ accounts to your own
Banks offer great discounts for family sharing. Link all the accounts of your family members together. While some banks offer you zero-balance accounts, some do not charge you at all for any kind of transactions. You also get the benefit of withdrawing a number of times without any extra costs.
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