Banking Fees And How To Avoid Them
It seems as though everyone is trying to extract money from us in the form of fees. Unfortunately, this seems particularly true in the world of money and finance. Most of us are trying to cut back on our expenses so let us have a look at some ways be might be able to save money in our banking fees.
Depositing your money into a checking account. The good news is that , now that there is a lot more competition there are not as many banking fees as there used to be. So be on the lookout unless your bank is charging you to make a deposit into your account with them. Most do not now so make sure that you have chosen one that does not. It is more common with a business account than a personal account these days.
Withdrawing your money. Some banks do charge a fee if you use the ATM of another make to get hold of your money. Check out yours.
Overdraft facilities. These fees are easy to avoid. You simply have to ensure that you do not allow your account to get in that position. You need to sit down and budget all your expenses and balance them with your income so that you can get to the end of the month and still have some money left.
If your bank does not allow you to have free banking after looking into those three areas then change banks. There are plenty that do.
Credit card interest rate. Maybe this is not technically a fee but I look at it as unnecessary money going out of my checking account. Determine that you will use your credit card sensibly and pay off the whole of your balance when the statement drops in your mail box. This should be included as a part of the budget you did for your banking account.
Late payment card fee. Get your payments to your credit card provider paid by direct payment a few days before the due date every month. In this way you can make sure that you do not incur a hefty late payment fee. I got caught out on this one because of bank holidays at Christmas so beware.
Other credit card fees. Some financial institutions will also try to extract fees from you for things like making the application to them, transferring a balance, taking out money as cash and a charge for each time you use the card.
Again, there is no reason that you should pay any of these as long as you know whether they are likely to happen and do not let them. Of course I do not mean you not to pay them once they appear on your statement. You have to then. Just do not let them get there in the first place.
By taking these simple precautions you will be able to save money considerably and enjoy a checking account and credit card with no banking fees.
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You don’t have to worry about this as you simply have to ensure that you do not allow your account to get in that position. You have to sit down and budget all your expenses and balance them with your income in order to get to the end of the month and still have some money left.
Twitter: HansSchoff
says:
Hey Trevor, more sound advice. I think you're right, many people may look at these kinds of expenses and think that it's just the way things work. But that is not the case. You can avoid these fees and expenses with simple planning and forward thinking. Great tips!
Hans Schoff recently posted..Creating Wealth – The Type Of Income You’re Making May Be Costing You The Most
The banks are in business to make money just6 like the rest of us – although you wouldn't know that over the past couple of years…
I should follow this for me to avoid high rate expenses, my thanks to this article, it is very useful.
Mark Angelo recently posted..how to sell my timeshare
Banking fees sometimes become a big problem for the people therefore one should check this when they are going for opting a bank
I am very impressed about this article , it gives us a good explanation to avoid too much expenses. I really appreciate this article you have shared.
Grace Blando recently posted..Best Accounting Software
Do you have any ideas on how to lessen the fees that are being deducted when I transfer funds on Paypal account to my bank?
Ella Martin recently posted..used lawn mowers
Hi Trevor,
Many thanks for this post. As we all want to avoid charges from the banks if possible. Take care Rosemary
Rosemary O’Shaughnessy recently posted..Dragon NaturallySpeaking 11 Home Edition (PC) Our Review
We have to work hard to avoid as many as possible Rosemary.
This is a good information you have shared for us Trevor I think that we can avoid high bank fees if we deposit on time, specially when you are planning to loan .
Actually, it is just easy to avoid them. If you have an account requiring a minimum number of deposits or balance amount, pay close attention to your statements. Use account alerts to notify you when your balance drops close to the level that gets you hit with a fee.
Twitter: Britain_Loans
says:
As a small retailer, I can tell you that the rates they charge us to accept cards is a disgrace, and nearly twice what Europeans pay. They get away w/ it b/c it’s a duopoly. They should have to compete just like everyone else. Any saving from other areas is distorted due to the extortion of customers who own businesses and pay swipe fees. And don’t let any Republican give the “big government” argument. No founders would’ve stood for this monopoly and sorry Ron Paul, a neighborhood watch aint gonna cut it here.
This is people vs. banks.