Don’t Let Bank Fees Take a Bite Out of Your Wallet
Do you feel like you’re paying more to do your banking? You probably are since many bank fees for everything from ATM withdrawals to bounced checks continue to rise.
Many banks have seen business decline due to the credit crunch. Raising fees is one of the areas where banks can still prepare money.
whether you need to withdraw money from an ATM, stick with machines owned by your bank. Otherwise you’ll be charged an average of $1.46 per transaction to use an ATM out of your bank’s network. additionally, monthly service fees on interest-bearing checking accounts rose to an average of $11.97. The average minimum detail balance needed to avoid service fees is $3,461.84.
In that rugged economy it’s critical to keep as much of your take home pay as possible. Banking smart can help you avoid being hit with a lot of unnecessary fees. whether you are dissatisfied with your current bank considering of rising costs, next it’s day to shop around for
Make certain you ask upfront about a bank’s fee policy before signing up. And whether you are offered a no-fee checking history or other special deal, just prepare certain you won’t be surprised by hidden charges down the line. Other ways to avoid fees include:
—Having your paycheck direct deposited
—Balancing your checkbook to avoid overdrawing your account
—Receiving mail or text alerts when your balance drops to a positive level.
But there is some good news in all that. Despite the fact that bank fees are on the rise, many folks are handling their money wisely and avoiding a lot of these charges. The American Bankers organization recently found that 52% of bank customers don’t pay any bank fees, while 13% pay fees of $3 or less each month.
Orginal post by Francine Huff
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