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banking tutorial >> step 3 >> learn how to avoid banking fees and charges
Step 3: Learn How to Avoid Banking Fees and Charges
In order to keep more money you must be aware of all the fees and charges banks use to get your money.
If you never had a bank you shouldn't be familiar with these fees. But if you've ever had one you already know that you can be hit with bank fees and charges.
Those fees can cost you greatly. One fee charged against your account can lead you to having other
fees charge to your account too.
For example, you have $100 in the bank and you
wrote a check for $90. But what you didn't know was
that your bank has charged you a fee for something
else (God knows what), but the fee charged is $5.
Also its time for your bank to charge your monthly
checking account fee which is $7.
All of those fees are deducted from the $100 even
before the bank receives the $90 check. So by the
time the check reaches the bank, your balance is
$88.
The $88 is not enough to cover the check
therefore the check bounces and the bank hits
you with another fee called insufficient fund fee.
So I hope you see that bank fees are to be taken very
serious. They can affect you finances very fast.I suggest you learn how to avoid those bank fees.
Avoid Bank Fees
Since you now have a checking account you need to understand how to avoid bank fees. Learning this will help you keep more money in your bank.
- Become banking fee literate
- Go to the banks of your choice
- Create a banking fee sheet that consist of banking questions. Click here to get a list of banking questions you can ask your bank.
- Take your bank fee sheet with you when you go
- Ask questions from the bank fee sheet
- Fill it out completely
- Document the name of the banks employee that gives you the information
- Setup a plan you can follow to avoid bank fees and charges
- Implement the plan
- Keep a check on your monthly statements to see if unknown fees are being charged to
your account
- Check your available balance before you use your debit card, atm card, bank card or write a check.
Hi, I'm Abbie.
Your financial
education tutor.
Welcome!
