Bank fees are getting higher and higher with each passing year. Banks are starting to charge fees, both hidden and non-hidden, for just about everything imaginable. Every time you turn around, your account is slammed with another ridiculous fee.
While banks continue to charge these new fees and to drive the already existing fees up, there are certain things you can do to avoid paying at least some of these unnecessary banking fees.
Monitor Every Penny
As tedious as this may sound, it is a great idea to monitor everything spent, right down to the last penny. This is a fantastic way to not only keep track of your finances, but to also avoid banking fees. You can see what fees are being charged and why, and get a good insight on what fees you may not need to pay.
Protect Your Future by Not Spending Against It
This sounds simple enough but it really isn’t. It is a practice that you will have to put into place and get used to doing. It is very easy to spend money that really isn’t there, or spend money that you expect will be there in the future.
Oftentimes people get themselves in trouble by spending money that they expect to have, and then when that money never comes they end up in more debt than they already were. Spending against the future when it comes to banking fees can be something as simple as using direct deposit the wrong way.
If a bank has a two-day hold on checks deposited and your direct deposit goes in on Friday, then chances are that money really won’t be available until Monday or Tuesday of the next week.
However, by not realizing that you go ahead and spend the money, pay some bills, enjoy the weekend. When you look at your bank statement a few days later you see that you were charged a ton of overdraft fees.
Read All Fine Print
This is true when dealing with just about anything. Reading the fine print is something that should always be done, but often isn’t. When you are opening a new account, or when your bank sends you an updated terms of service document, be sure to read all the fine print so you know exactly what you are dealing with.
Question Your Bank
Never be afraid to question your bank on anything they do, especially when it comes to best practices and ongoing banking fees that you feel are unnecessary. You may find numerous fees that can either be taken off your account, or questioned for improper use.
Banking fees are becoming more ridiculous as time passes. Make sure you are avoiding paying any unnecessary bank fees by utilizing some of the suggestion above.