Ben Squires
Money & Banking

How to avoid hidden bank fees

While no one likes the idea of a bankrupt bank, we think they’re making enough money at the moment without you putting in more than your fair share. We’ve taken a look at five ways to avoid common banking fees, so you can use your account for what it’s really there to do – save money.  

1. Make sure you have the right account

The act of having an account incurs account keeping fees, so if you have multiple accounts you don’t choose consider closing them up. Make sure you pay attention to your bank statements and know exactly the amount of money they bank is taking out to maintain your account. If you feel this figure is unreasonable consider closing the account or even moving your money to a different bank.

2. Always withdraw money from your bank’s ATM

Sure, withdrawal fees of $2.00 may not seem like a lot, but over the course of a year when these transactions start to add up it could potentially end up being a significant figure. Even if it means walking an extra couple of minutes out of your way, it is worth going to your own bank’s ATM to avoid the transaction fees. Every dollar counts, and you shouldn’t pay to access your money.

3. Stay within your limits

Whether you’re talking about your credit card or transactions account, it’s important to stay within the limits originally set out. Credit cards often impose an over limit fee, while overdrawing your transactions account can also incur fines. Consider trying to reschedule payments if you can to avoid these fees. Many banks also offer personal overdrafts as a safety net for particular customers.

4. Telephone banking and banking online

Often the telephone and online services set up by banks are priced to avoid the traditional over the counter fees you’d incur if you visited a bricks and mortar outlet. Certain transaction fees do apply with this type of banking but it’s often cheaper than heading to the actual outlet and provides the added convenience to conduct the whole banking transaction from the comfort of your armchair.

5. Potential eligibility for fee exceptions

Depending on your situation you may be eligible for a wide range of fee exceptions, which is a nice thing to know. While this sort of offer definitely varies from bank to bank there are some handy exceptions that you should be on top off. 

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finance, tips, banking, money, fees, banks