Staying on a responsible budget often requires that you make every dollar of your paycheck stretch as far as possible. Comparison shopping and carefully planning your purchases help you make the most of your money. Banking charges, however, often require a watchful eye to make sure that you aren’t hit with unexpected and unnecessary charges.
Banks all tend to charge different amounts depending upon the types of accounts you hold, as well as how you use your account. When choosing your banking partner, make sure you ask about some of these common “surprise” charges.
Teller Fees – Some banks offer free checking, but with limited access to the bank’s teller services. If you choose to use those services you may find yourself charged a fee or your account converted to a different type of account.
Overdraft Fees – Although you should plan to avoid these fees, accidents sometimes happen. If you do happen to cause an overdraft of your account, make sure that you deposit the funds to correct the overdraft as quickly as possible. If your account doesn’t have enough money to cover the overdraft fee, you may end up with an overdraft charge for the overdraft charge.
Check Printing – You’d think that checks would come with a checking account, but unless you carry a large balance, they probably don’t. Don’t make the mistake of purchasing your checks from the bank; you’ll pay much more for them. Check out the online sources for check stock to save a considerable part of the charge.
ATM Fees – If you regularly need cash from your account, you should find an account that has plenty of conveniently located ATM’s in its network. Otherwise, you may end up paying a fee to a neighboring ATM network when you use it, as well as a fee to your bank.
Other Service Fees – You used to be able to use your bank to take care of some miscellaneous financial duties for you. Money orders, cashiers checks, and notary services are all available at local banks. However, some banks are starting to charge for these helpful services. If you regularly use these types of services, make sure you inquire about the fees that go with them before you need them.
Bank fees are often a necessary evil. Although you can’t avoid all of them, making sure that you keep the cost as low as possible will help you get the most bang for your banking buck.
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