How You Can Avoid Extra Bank Charges - Smb Suggestions

How You Can Avoid Extra Bank Charges

Banks love charging extra fees even for small services. These charges are a total waste of money. While it is getting extremely hard to avoid extra bank fees, here are important ways in which you can avoid or minimize additional bank charges;

1. Choose out of draft protection

In case you want to make a transaction in the bank and don’t have enough money; the bank can issue a program call out of draft protection. This program ensures that your transaction is canceled without incurring overdraft fees.

2. Register for mobile and email alerts

When you bank balance goes below the minimum balance, the bank will send you an alert via message text or email to notify you. This will help you avoid extra bank charges when the account reaches the minimum balance required.

3. Use ATMs that are a part of your network

Avoid using ATMs that are out-of-network as they will make you incur charges from both your bank and ATM network. Always use ATMs that are a part of your network to avoid extra fees. There are special Apps that can assist you to know whether your ATM is in the required network.

4. Deposit enough money in your bank to evade overdraft charges

To avoid being charged extra fees, it is always advisable to deposit enough money in your account. Banks always make sure they charge an extra fee when you spend more than what you have in your account.

5. Choose an Account that charges fewer fees

Always choose a service that is less charging. In fact, it is always advisable to sign up for free programs that do not remit charges in your account to avoid extra charges by the bank.

6. Opt for free checking and savings account

Banks nowadays offers a free checking account that only needs you to maintain the minimum balance. This will enable you to avoid extra charges by the bank.

7. Get smart and apply for aged people account or students

Aged people of about fifty years or students accounts are charged less or offered for free. You might also find an account that requires a slightly lower minimum balance than what regular accounts indicate. This will enable you to avoid extra bank charges from the standard accounts.

8. Open accounts that that are in line with your lifestyle

It is advisable to open accounts that offer you services that you require at a lower cost. You can visit different banks just to enquire the cost of services that you need in banking before opening an account. This is another technique that helps you to avoid extra bank charges.

9. Always check your accounts online

This will always keep you updated on any suspicious activity in your account. In case the amount debited is reduced, you can contact your bank for that issue to be rectified.

10. Request the bank to waive fees

Although banks charge fees to make extra money, they do not want to risk losing long-term clients over those few amounts. In case you are charged unfair fees, contact the bank so that they can waive that fee. This shield you from incurring extra bank fees.

11. Use e-banking to evade paper statement fees

Most banks are now offering online banking services. This is an advantage as you get to avoid extra charges on paper statement charges. Your best option is to ask for electronic statements.

Those ways indicated above will enable you to avoid extra bank charges and keep you enjoying the bank services.

Sourced from: U.S. NEWS

Photo: Thinkstock/MarianVejcik