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Compare Bank Fees

Small banking fees can cost you a small fortune if you don’t pay close attention. An article in Parade magazine discussed how to avoid bank fees you probably aren’t even aware of:

Transfer fees - When you move money around between linked accounts, watch out! Some banks now charge $3 or $5 for each transfer you make online. Consider making only one transfer a month or redirecting a direct deposit.

Annual fees - If the balances on your checking or savings accounts drop below a required amount, you may be charged a fee. Make sure you know what your balance needs to be. Some banks also require you to make a specific number of transactions during the year. If you fail to do so, you may be charged with an annual “inactivity fee.” Read the fine print on your account terms, and move your money elsewhere if you don’t expect to reach the minimum number of transactions.

Account-maintenance fees - You can get charged as much as $12 a month for simply keeping your checking or savings account open! Unfortunately, it’s become more difficult to avoid these fees, so know the terms of your account and since terms change, call your bank if you see an unusual charge that wasn’t there last month. Bank with the right bank for you - the one that suits the way you use your account.

If you do have a fee on your statement that you feel is unfair, contact your bank. Sometimes just a phone call will get the fee removed.

Having trouble with your credit car company? Check out our sister website Bad Credit Blues and get some tips to help you reduce credit card debt or negotiate with your credit card company.

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