No matter who you are or what you do using a bank for some transactions is always going to be necessary. Unfortunately many banks these days are starting to charge fees for services that used to be free and also increasing their fees on all of their services. It doesn’t matter who you are or how long you have been with the bank you are probably saying some of these fee increases. With that in mind, we’ve put together a list of seven Tips that you can use to avoid these rising bank fees. Enjoy!
First and foremost it doesn’t matter how long you have been with the bank you are with you can always ask for a better deal or for certain fees to be lowered. If your bank won’t consider doing this then it may be time to find a new bank. Many people are using credit unions because they offer lower fees and other attractive items that corporate banks do not offer.
Maintaining a high balance in your account is one of the best ways to avoid extra fees many banks have four people that do not keep a minimum balance. If this isn’t possible for you talk to your banker to find out what other products they may have that can help you.
Today many things can be done with online banking so unless you actually need to see someone face-to-face you should look into setting an online account up for yourself. Many online banks offer excellent rates on their savings accounts and also will help you to keep much better track of your financial situation. Also keep in mind that while some brick-and-mortar banks will offer you online banking services many of them have high fees to do that.
If you opened an account to take advantage of a promotional offer or to earn some extra money make sure that you don’t close those accounts to early. The reason is that many banks will now charge a fee to close accounts if someone closes them within 180 days of opening them.
If you make a lot of purchases from overseas retailers or service providers make sure that your bank is not charging you foreign transaction fees which can be very high depending on the transaction that you’re making.
One of the most vital services to look for with any bank is a free checking account. The fact is that many banks these days are offering free checking accounts to try and stay competitive. Take a little time and do some research to find one that fits your needs.
Finally, and maybe most importantly, make sure to review your bank notices regularly. The fact is that even a small error every single month can add up to a lot of money at the end of the year. Make sure that you read every statement whether you have statements mailed to you or are doing your banking online to make sure that there are no errors and also to make sure that there are no charges that you did not authorize.
These seven tips should help you to save a few bucks with your bank. Remember that banks are businesses also and that they are fighting to keep your business. Don’t be afraid to ask for things that they might not have offered and don’t be afraid to look around for another bank if you’re not getting what you want.