This is what brings us to this article today on How to Keep Your Bank Fees to a Minimum. Banking fees and one of the reasons why people switch from one bank to another. People usually tend to avoid banks that have high banking fees so when a customer discovers that their bank charges are not they can see please switch to another one.
If you are an example of the people I mentioned above that do not want to pay so many fees for banking then you are on the right article. Anyone looking to avoid paying high bank fees or to keep banking fees to the minimum this article is for you. I am going to show you how to keep banking fees to the minimum in this article and also how to avoid them if possible.
What are Bank Fees?
Anybody that is using a bank account should have an idea of what bank fees are all about. It is simply the money that a bank charges you for making use of their service. However, there are not one but many types of bank fees that can be charged when someone opens a bank account with a bank. If you are having a checking account you might not know this but you are constantly being charged for it.
There are so many things that can be charged when you have a bank account from ATM fees to monthly maintenance fees and others. What this means is that the back is basically letting you pay for using ITS services so that they can keep up work. However, some of these bank fees can be as wedding and all that can be reduced to the minimum which is why you need to read this article to the end.
Types of Bank Fees
There are so many types of bank fees that you can be charged when you have a checking or savings account which can make you feel like you are paying your bank to keep your money. If you are being charged this type of fish you are not alone so is millions of people all over the world. All banks charge fees for various purposes and there are different types of fees a bank will charge.
Some of the different types of fees that you will normally see a bank charging you are listed below:
- Maintenance fees
- Overdraft fees
- Paper statement fees
- Inactivity fees and others.
These are some of the fees that are normally charged to a person’s bank account whether they are having a savings or a checking account.
How to Keep Your Bank Fees to a Minimum
It is not a good thing to allow your bank to keep on charging you different types of fees because they can add up to a good amount of money leaving your account regularly. So it is within your eyes to do everything possible to make sure that the fees are reduced to a minimum or are avoided entirely. Below I have listed various ways on how to keep your bank fees to a minimum or simply avoid them.
Therefore if you are being charged a lot of bank fees it is hard time to follow the below procedure so that you can keep them to a minimum or avoid them. That being said let’s go ahead and jump in:
In making research what you have to do is take a look at your bank’s requirement for having or keeping a minimum account balance. Take a look at whether there is a fee that is being charged if you are keeping the minimum account balance of your bank. If there is a fee that is being charged and you didn’t know of this then you can simply contact your bank
Use banking tools
Instead of leaving your bank to do all the work for you why you pay them fees for it you can simply utilize various tools that are at your fingertips. The only need to do is to access all the free mobile features that are available by your bank, setting up an alert, and others. There are plenty of ways you can use in saving money by utilizing the various tools available with your bank.
Use your bank’s ATM
Instead of making use of another bank’s ATM or and service ATM that you will be charged an ATM fee you can simply make use of your Bank ATM. Your Bank ATM is definitely not going to charge you a fee for making use of it.
Find a new bank
If you have taken a look at it and you have discovered that it will be impossible for you to have a word or keep fees to the minimum it may be time to find a new bank. I mentioned in the introduction of this article that one of the reasons why people switch bank is because of banking fees. Therefore if you have tried everything possible to keep your banking fees to the minimum or to simply avoid to know avial switch banks.
How can minimum balance fees be avoided?
There are several ways an account holder can use in avoiding paying minimum balance fees in a bank. One of such way is to simply open a savings and a checking account in the same bank. Another metal is by maintaining the minimum balance you are required to in the bank. Lastly, you can also decide to set up a direct deposit which can be used in waiving your minimum balance fees.
Why do banks charge a minimum balance?
There are different reasons why a bank allows minimum deposits for customers. One of the major freezing is the fact that they need the money in order to lend to borrowers. Another reason is also that the but needs the money in order to have more deposits. It allows them to benefit from this if a customer does not maintain their minimum balance and others.