How To Reduce Fees You Pay For Bank Charges

ShareShare on FacebookShare on Google+Tweet about this on TwitterShare on LinkedIn gives some tips on how to reduce, or perhaps even eliminate, the fees paid for banking services.

*Do your research. The first step is to research the various account types and options you have available at your current bank. Make sure you know what your current account fees are — they may have changed since you first opened your account. Your bank probably offers a number of account types, and your current needs may not be a good match for the type of account you now have, at least in terms of applicable fees. Conduct the same level of research.

*Go online. As part of your comparison shopping, be sure to include online banks in your research. Since it is online, banks don’t have to pay the costs associated with maintaining a physical location, retaining a member of staff of bank tellers, and related expenses, you may be able to find accounts with the features you need, but at a lower price than your local bank.

*Understand your needs. Long gone were the days where banks would offer one or perhaps two savings account or current account options. Now, you’re certain to have a number of different options, and each of them will provide you a different mix of features.

In order to make the right choice, give some thought to what’s really important to you. How often do you use bank tellers? How often do you use Automated Teller Machines or automated bill pay? Do you need a safe deposit box?

*Be willing to change banks. Don’t let your own inertia keep you from getting the best terms and fees on your banking conditions. It can certainly be a bit inconvenient to take your business to a new bank or credit union. But if doing so would help you save some money in fees, or earn a bit more each month in interest, or make you eligible for other valuable services the bank offers, then it’s worth the effort to change banks.

*Consolidate your accounts. You may have a number of different accounts at different banks because you haven’t been diligent about closing old accounts. You may be paying fees on some or all of those accounts, so by consolidating your business, you may be able to reduce the fees you pay.

As with any other financial service you use, the best way to avoid paying too much for your bank accounts is to keep yourself well informed.


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