Often we have to pay extra for certain things and the banks are not an exception. There are some particularly painful bank fees that serve as a drain on our personal economy and it can be frustrating to receive additional charges from the institution that is responsible for allowing you to store your money in the first place.
However, banks make a great deal of money off these fees and they are not going away anytime soon. Banks collect billions and billions of dollars each year from people who are not willing to keep better track of their own finances. If you want to make some savings on your usual expenses Kohl’s coupons from Discountrue might be a good idea, and in order not to lose that money on unnecessary fees be sure to read on to learn more about the three most common banking fees and how to avoid them in the future.
These fees tend to pile up quickly, because they are small and easy to ignore. We often find ourselves in places that are outside of our preferred ATM network and will resort to using an ATM that costs anywhere from $1 to $5 as a result, but there are ways to steer clear of these cumbersome fees.
There are certain banks that reimburse ATM fees that take place outside of their network, while others provide their customers with a helpful ATM locator that allows them to easily find the machine that is closest to them. You can also plan ahead, by carrying enough cash to cover your purchases or using a debit card instead.
An overdraft fee is all too common and most of us experience them at one point in our lives or another. Fees of this nature are much more expensive than ATM fees and they take place due to a lack of education about how they work. You are able to opt out of overdraft programs when you join your bank and by doing so, you are denied the ability to make a purchase when you do not have the money.
Overdraft transfer programs are also available and these programs give you the opportunity to cover a purchase with funds from an account that is linked to the one in danger of an overdraft. As with any other bank fee, a person also has the option of doing a better job of policing themselves and steering clear of overdrafts on their own.
While maintenance fees are not as high as ATM fees and overdraft costs, they can add up over the course of a year and are rather easy to avoid. You can speak with your branch and find out more about terms and conditions of your account. There are several branches that offer free checking accounts and you should take the time to research any wire transfer fees or check cashing fees before opening an account.