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Stop Paying Bank Fees!

 Money Girl's 5 tips to make the most of your money

By
Laura Adams, MBA
November 15, 2011

 

If your bank accounts are costing you money, rather than putting money in your pocket, it's time to find new ones! There are plenty of FDIC-insured checking accounts with no minimum balance, no maintenance fees, no ATM fees, free checks, and free debit cards. My favorite place to search for free, high-interest checking accounts is checkingfinder.com.

Here are 5 tips to cut your banking fees and to earn more interest:

  1. Avoid ATM fees by (a) only using your bank's cash machines, (b) getting an account that reimburses your out-of-network ATM fees, or (c) getting cash back when you make purchases with your debit card.

  2. Never pay overdraft fees by electing not to have overdraft protection. Instead, ask your bank to link your checking account to a savings or to a line of credit so money will be available to cover an overdraft.

  3. Sign up for free bank alerts that notify you by e-mail or text message if your bank balance dips below a certain amount.

  4. Always meet account requirements, such as making a certain number of debit card transactions to avoid fees and to qualify for the highest interest rate that's offered.

  5. Watch for bank communication about important account changes like new or increased fees. Promptly check your paper or e-statements for errors or unauthorized account activity and immediately report them to your bank.

Image courtesy of Shutterstock

 

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