Paying monthly bank charges can be frustrating and can eat into your budget. Luckily, there are ways to avoid these fees and make the most of your money. Here’s how you can avoid paying monthly bank charges:
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#1: Choose a no fee bank account
One of the easiest ways to avoid monthly bank fees is to select a no fee bank account. These accounts often have no monthly maintenance fees, no overdraft fees, and no ATM fees, allowing you to save money and manage your finances more efficiently. However, no fee bank accounts are becoming more common, and it’s worth researching to find one that meets your needs.
#2: Keep track of your account activity
Another way to avoid monthly bank charges is to keep track of your account activity. Many banks charge fees if you don’t meet specific requirements, such as maintaining a minimum balance or making a certain number of transactions. By keeping track of your account activity, you can ensure that you meet these requirements and avoid fees. For example, you can set up alerts to get balance and other update notifications, or you can set up automatic transfers to help you maintain a minimum balance.
#3: Use your bank’s ATMs
ATM fees can add up quickly, especially if you use ATMs that aren’t affiliated with your bank. Try to use your bank’s ATMs whenever possible to avoid these fees. Many banks have a wide network of ATMs that you can use for free, so it’s worth finding them. If you need to use an ATM that isn’t affiliated with your bank, check the fees before making a withdrawal.
#4: Consider a credit union
Credit unions are nonprofit financial institutions that are owned and controlled by their members. They often have lower fees and better rates than traditional banks, making them a good option for avoiding monthly bank charges. A credit union might be worth considering if you’re looking for a no-fee bank account. Just do your research and compare the features and fees of different credit unions to find one that meets your needs.
#5: Use a prepaid debit card
Prepaid debit cards are another option for avoiding monthly bank charges. These cards work like traditional debit cards, but you load them with money rather than linking them to a checking account. As a result, you can’t get an overdraft and incur fees. Prepaid debit cards also often have lower fees than traditional bank accounts. Just read the terms and conditions carefully, as some prepaid debit cards have hidden fees. For example, “SoFi doesn’t charge any account fees on your checking and savings accounts.”
In conclusion, there are several ways to avoid paying monthly bank charges. First, choosing a no fee bank account, keeping track of your account activity, using your bank’s ATMs, considering a credit union, and using a prepaid debit card are all strategies that can help you save money and make the most of your finances. By taking the time to do your research and find the right solution, you can find an account that meets your needs and helps you manage your money effectively.