Avoiding more bank fees

Despite consumer push-back, the charges keep on coming.

Avoiding more bank fees

When Bank of America tried to institute a $5 debit card fee last fall, consumers practically took to the streets in protest. The debit fee was revoked, but that doesn't mean the end of all bank fees. In fact, as banks try to recoup lost money (thanks to new measures from the 2009 Card Act), experts say we can expect to see sneakier and sneakier fees popping up.

Visiting a teller or using an out-of-network ATM will cost you, as will opting in for overdraft protection. (This can cost up to $35 per overdraft!) The good news, according to a new article from SmartMoney, is that there are ways to avoid these newer fees. Here’s what they suggest:

Link accounts. Banks require an average balance of about $3,600 in order for you to skip out on monthly maintenance fees. However, balances in savings accounts, available credit, and open mortgages and student loans all count towards that minimum balance. If you have multiple accounts with one bank and link those accounts, you should easily meet that minimum.

Find a better bank. You can still find free checking and low-fee accounts in small community banks, credit unions and online banks. It might require some research on your end, but you have a great shot of getting a better deal.

Double-check your checking account. Many banks offer multiple checking account options. Are you certain you’re using the one with the smallest amount of fees? If you’ve had the same checking account for a long time and you’ve recently found yourself paying more and more money for this account, talk to your bank. You might be missing out on a newer, lower-fee option.

For more information on bank fees and how to avoid them, read the full SmartMoney article here.

Latest Videos:

No Related Video

 

Post a Comment