Top Most Common Banking Fees and How to Avoid Them

Saving your money in bank is always a good idea. When it seems to be a good idea, there are actually some common banking fees that haunting us as we save our money in bank. No matter how small the charged amount is, we cannot deny that avoiding the fees is always becoming our goal.

Top 7 Banking Fees and the Way to Avoid Them At All Costs

In order to save more money in a bank, there are some ways that you can do to cut off the banking fees. Here are some of the common fees that you may find and how to avoid them.

#1 Checking Account Fees

If you have a checking account, you will need to pay for checking account fees. It is suggested to speak with your bank in order to learn further about their service fees. Learn about how frequent you will be charged for this and also for how much.

Moreover, you can consider using free saving and checking account if possible. The good news is that there are many banks that still offer them.

#2 Minimum Balance Charge

One of the most common banking fees is the minimum balance charge. As it is called, it is a cost that you should pay for the bank when your account is under the minimum balance. To avoid this charge on your account, double check in case your bank required minimum balance for your account.

Once you know that minimum balance is required, make sure that your balance always meets the requirement so that you don’t need to pay for the cost at the end of your account period.

#3 Overdraft Charge

This fee is charged if you make certain financial commitment that you cannot fulfill. In another, it means that you get charged when you spent more than your account has. To avoid this charge to be happening, make sure that you always update your check register including your debit transaction and any other record.

#4 Returned Deposit Charge

This is the other common banking fees that can be charged for you. It occurs when you deposit a check which eventually bounces (it can be considered as the contrast of overdraft fee). It can happen for various reasons including stop payment, incomplete check, closed account and unavailable funds or insufficient funds.

#5 ATM Fees

For sure, we shouldn’t forget about the ATM fees. In addition to the monthly fees you pay for the ATM, remember that you might be charged of using an ATM which is not affiliated with your current bank. For this reason, always using an ATM which is owned by or at least affiliated with your current bank is a good idea.

In case there is no other reasons but to withdraw money from non-affiliated bank, consider taking out money in larger amount at once so you shouldn’t be charged multiple times.

Final Words

Those are some of the most common banking fees that you can find and the way to avoid them. Now, keep them in mind and get yourself save money by doing some of the tips above. Good luck!

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