Want to Avoid Bank Fees? Here’s How… Ms. Bels Wednesday, October 5, 2011 The Receipt, Your Money and You Once the government issued new laws in which bank institutions were forced to stop charging certain fees, the banking industry got clever and created new ways to charge citizens. One way, which recently caused an uproar, were fees associated with debit cards. Nowadays, the debit card incurs more usage than the credit card. So, the banking industry quickly realized this and began implementing these fees. For example, Bank of America will begin charging customers $5 per month for debit card usage. It doesn’t matter if you purchase a $.99 burger from Wendys…you will still owe $5. Crazy right??? Well according to ABCnews.com, there are several ways to avoid these fees. Here are a few great tips that will help you save a buck: No. 1 – Use a credit card. If you need to make a purchase, use a credit card instead. This way you will not have the monthly fee but the ability to concentrate only on paying your normal monthly credit card statement. No. 2 – Don’t be afraid to open a checking account. There are some fees that are associated with checking accounts. A quick way to avoid these fees is to ask the bank if they offer free checking. Most banks will offer it as long as you sign up for other services or open additional accounts. No. 3 – Keep all your accounts at one bank. We know a lot of people like to spread their money around. If you do this, you are forced to keep a minimum balance in that account. This will cause banks to charge you a minimum balance fee ($5 – $15). So, keep all of your money in one establishment. This allows all of your money to be counted towards your overall balance. No. 4 – Don’t be afraid to use an online bank (i.e. ING). With the massive ATM out-of-network fees, your money dwindles quickly. To avoid these fees, try an online bank. Some online institutions will reimburse you the cost each time you use an ATM. No. 5 – Join a credit union. To avoid the $30 or more overdraft fees, open up an account at a non-profit credit union. A non-profit credit union normally does not charge overdraft fees. Also, credit unions are great if you’re looking for a low interest credit card. For more info on that, check out our article 5 Reasons Why Credit Union Credit Cards Are Best !
