Given the current economic environment, the easier way to save in the coming year may to take a closer look at some of the bank fees you are paying.
Paying a transaction fee and/or a monthly fee to simply maintain an account is something consumers can longer ignore. This is a good time to contact your current bank and ask the following fee-related questions:
Am I being charged to maintain my account? Some banks will charge a monthly service fee just to keep the account open. Ask if there is a minimum balance requirement that will eliminate the fee.
Am I being charged to carry a debit card? This seems to be a hot-button topic, as some larger banks have floated the idea of charging a monthly fee just to carry the card in your purse or wallet.
Am I being charged a transaction fee when I use my debit card to make a purchase? A sneaky little fee — and we do mean little, as it’s usually 10 or 15 cents per transaction. But calculate that fee over a week…a month…a year and you’ll see it really adds up.
Am I being charged to receive copies of my canceled checks? These are typically available free with online banking and eStatements.
Some fees — such as overdraft or wire transfer fees — are typically unavoidable, regardless of where you bank. But the smaller fees that you may have previously overlooked can be reduced if not eliminated entirely. And by getting rid of those fees, it will help those meager savings rates seem that much more appealing.
Looking for a bank that doesn’t charge transaction fees for debit card purchase, and helps you avoid monthly service fees? At the risk of being self-serving, you’ve come to the right place!