Bank fees are the worst! Maintenance fees, excess activity fees, minimum balance fees and others can really add up and be expensive. But thanks to new federal banking rules that are cracking down on such fees and practices, consumers aren’t being hit with so many fees from their bank. But banks need to may their money somehow and even though they can’t place a fee on anything anymore, you can still get caught having to pay loads of your hard earned cash in unnecessary fees, so here’s how to avoid them:
- Know what banks can charge fees for
The best way to avoid bank fees is to know that regulations are regarding what banks can and can’t charge for. Usually, your bank will send you a notice about the fees, but if not, call up your bank and request it. Make sure that you always read any notices that are send by your bank so that there are no new surprises. Become an educated consumer and you’ll be able to avoid bank fees!
- Use online banks
We live in a digital age, so why go to a brick-and-motor bank and pay their fees, when you can save and use an online bank? They don’t try to nickel and dime you and will help you save big time on unnecessary bank fees that regular banks impose.
- Talk to a customer service rep
To find out what account better suits your needs, take the time to talk to a customer service rep, who will help suggest what bank accounts are best for your needs so that you can find an account that’s right for your budget and money.
- Add bank services
Many banks will provide you with free banking if you use as many of their services as you can. Many of their services like savings, checking and other types of bank accounts will diminish any bank fees and help you save in the end, as well as have everything in one convenient place instead of several banks.
- Ask for the fee to be waived
If you’re a good and loyal customer, it never hurts to ask for a bank fee to be waived. A bank won’t want to loose your business over a $25 overdraft fee and will most likely waive the fee if it’s your first offense in a while.