Stop paying bank fees - Average savings: $25
Studies from the American Bankers Association show that over 50 percent of consumers spend no money on their bank fees each month, however this therefore means that over 40% of the population is paying! This study shows that somebody is still paying these fees, and lots of them, because the Federal Deposit Insurance Corp. shows that banks have collected about $40 billion in account penalties and fees over the last year. That enormous figure works out to be an average of $28 paid per month per household. But with some simple help in planning ahead, you can pay zero in fees. So you want to be part of that 50% figure from the Bankers Association that is not paying, and it is easy to do.
As with many money saving tips, it is fairly easy to save money and really stop paying those outrageous bank fees and penalties. You need to bank at a large institution with plenty of ATMs in convenient locations so you do not pay for using other banks' machines, which can be as much as $4 per withdrawal. Be sure to use the no-fee cash-back option available at supermarkets. So bank at lenders such as Bank of America, Citi or Chase, who are three of the nations largest lenders. Between them they have tens of thousands of branches and ATM machines around the nation, so you should always be able to find one of their ATMs or banks, which will allow you to take out money at no cost.
Another very obvious step is to always have some cash on hand, or keep a personal check in your wallet. If you are shopping, and say you do not have enough cash to complete the purchase, rather than use an ATM card at the store or a bank (and maybe incur fees for those) using a personal check, while it may be more “antiquated”, is almost always free. So keeping a couple of those on hand, or as noted a little extra cash, will also prove to be effective.
In addition, also be sure to shop for free checking services and always strictly adhere to the provisions for direct deposit, a minimum balance, or other conditions to avoid paying monthly bills and fees. For example, some banks may charge you a fee if you make too many withdrawals over the course of a month. Be aware of these rules and regulations so you can stop paying fees. Keep track of withdrawals, checks, and debits to avoid overdraft fees that now average $28.
Continue on with additional money saving tips and steps you can easily take.
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