Banking isn’t on anyone’s list of favorite things, to do, but it’s part of life. To keep your money safe, you stick it in the bank. To make things easy in life, you let the bank take care of your money. It helps you save, it helps you spend and it also comes with a long list of fees that you’re paying that you probably shouldn’t be paying. While some banking fees are necessary, others aren’t. Here’s a list of banking fees you need to stop paying for right now.
You should not be paying for your checking account. There are so many banks that offer free checking accounts to their customers all over the country. Yours might require you keep a minimum balance in the account at all times but as long as you can do that, you shouldn’t be paying for a checking account.
Unless you use a small, hometown bank, there are ATMs from your bank all over the place. This means you should not be paying foreign ATM fees at any point. These fees are pointless. To pay an additional $5 to get $20 out of the bank at this ATM because your bank’s ATM requires you to turn across traffic or take the long way home is something you’re wasting money on.
If you’re paying overdraft fees, you’re doing yourself a disservice. You shouldn’t be overdrawn. It’s so easy to keep your checking account balanced, especially since you can use internet banking to see what transactions have already cleared so you can compare them to your outstanding account balances and get yourself balanced.
Use the Credit Side
Some banks charge you a fee to use your debit card if you use it as a debit card more than you’re allowed. The number should be stated in your account summary. You can, however, avoid these fees simply by using your debit card on the credit side instead. It’s simple and it will save you money in the long run.
Don’t Take Cash Advances
A cash advance is a horrible idea. If you have a credit card, it’s going to charge you an exorbitant fee and annual percentage rate. If you need cash, use your debit card at a local ATM. If you can avoid using your credit card for cash, you can avoid a myriad of big fees.
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