How to Avoid Unnecessary Bank Charges

Written by Gloria Irabor

Bank charges can run people crazy at times. Regulations that prevent banks from charging outrageous fees are set by the government but despite this, many banks still charge high fees for simple services.

Nobody likes receiving debit alerts for unnecessary charges that could push a person deeper into debt, making it difficult or almost impossible to recover financially.

Below are some tips to avoid unnecessary bank charges and keep your money:

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Understand what your bank can charge

Always read the fine print before opening an account. If your bank updates its policies, read the new fee structures so you understand exactly what your bank can charge. This will pay off in the long run.

Search for banks without unnecessary charges

There are some banks who do not make profit out of every financial transaction. It will do you alot of good if you endeavor to search for the ones who do not charge for services like Automated Teller Machine (ATM) withdrawals. Credit unions and online banks are some of the options.

Keep enough money in your accounts to avoid overdraft fees

When you spend more money than you have in your account, banks usually charge overdraft fee. Keeping track of your current and saving balances will help you avoid overdraft charges.

Banks often charge fees for continuous money transfers, in other to avoid these charges, you may want to consider using a money transfer service. This can help you avoid numerous fees which can overdraft your bank account.

Use online banking to avoid paper statement fees

Most banks offer online services, hence, customers may have to pay extra for paper statements. As long as you have a computer or phone and Internet connection, then you can avoid those paper statement fees. Usually you would spend less amount of money printing your online statements than having the bank send you paper versions via mail.

Choose an account with lesser charges

Choose an option that matches the way you prefer using your account, by so doing you will save a lot of money. For example, some accounts may charge for using ATMs. Always find an account that will charge you less for the bank services you plan to use.

Ask your bank to waive fees

If you receive a charge that is unfair to you, contact the bank to ask about waiving the fee. Many banks will eliminate the charge from your account to keep your business.

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About the author

Gloria Irabor

I love to be engrossed in a world of creativity and I detest injustice. I can analyse almost anything but most of all I try to get better in everything I do.

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