AVOIDING CHECKING FEES
The only way to avoid having to pay
fees is to be aware of them. The first place you can
start is by utilizing a free checking account. This type
of account will eliminate the concern of having to
maintain a balance or only being allowed to write a
certain amount of checks every month.
It is possible that your
bank may mandate a minimum balance in order for your
account to be 'free'. If these stipulations are not a
concern, then this type of account is right for you. The
best way to avoid fees is to locate an account that is
perfect for your situation and needs.
It is important to note
that there are a wide variety of chargeable fees
associated with free checking accounts. On an
encouraging note, if you perform positive checking
practices, you will not have to worry about most of
Below is a breakdown of
some of the more common fees and how you can avoid them.
Learn what steps should be taken if you feel that you
being charged an erroneous fee by your bank.
NSF fees are the most expensive fees you will come
across. If you keep your check book balanced and by
keeping tabs of all your checks and debit card
purchases, you will avoid overdrawing from your account.
You should also consider
applying for overdraft protection, especially if you
have a joint account with someone that has less than
stellar bookkeeping skills. Overdraft protection means
your bank will link your checking account to another
account you have with them, like a savings account. They
will deduct any checking accounts overdrafts from the
linked account. There is a fee associated with this
action, but is much less that the cost of having
Every time you use an ATM that does not belong to your
bank, you will be charged a fee. Therefore, either stick
to using your bank's ATMs only or make sure you withdraw
enough money so that you don't have to make frequent ATM
The smartest thing you can do is drill down our list of
common fees associated with checking accounts. You'll
discover that there are many that can be evaded by
merely planning better.
Fees that are unavoidable
There are some fees that you just can't avoid. For
example, there is nothing you can do to eliminate the
cost of having a safety deposit box. It is possible that
you will be able to find services cheaper from a
different source, i.e. money orders, check printing.
Obtain a copy of your bank's fee schedule
Before you open a checking account with any bank,
ask for their fee schedule. You don't want any
surprises. Determine if you will be charged for your
debit card use. If you like paying your bills online,
you should try and find a bank that does not charge a
fee for this service.
You should also conclude
if you are going to be charged
fees for closing a checking accounts.
It is not that easy to
choose a checking account these days. Consumers have
many options -- unlike years ago when the hardest choice
to make was choosing what color you wanted your checks