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How to Avoid Hidden Bank Fees and Help You Save Money Every Month?

Updated on May 5, 2014

Save Money by Avoiding Hidden Bank Fees

The torn economy caused by recession associated with inflation, and soaring prices of the daily necessities, has made it difficult for some people to save money for future use. Banks are doing businesses to profit, no matter how greatly you benefit using the services of your banks. If you do not read and grasp the fine print, it is most likely that you will end up paying a lot of hidden bank fees every month that you could avoid easily.

Besides, you could save the money that you paid in hidden fees charged by the banks. If you are paying unnecessary hidden bank fees and struggling to save money then there are at least 3 ways to help you save money every month.


Learn About ATM Fess

Source

Prevent ATM Fees

Do you know that you can easily avoid paying any ATM fee when withdrawing cash using ATMs? It is easy to find an ATM almost anywhere you go. ATMs are convenient because you do not have to go to a branch and wait in line to withdraw cash. As a result, many people embrace ATMs as the best option to get quick cash. Many people will use ATMs to withdraw money even knowing that they may be charged a withdrawal fee. Many people simply would not know that there are hidden costs to using an ATM.

If you are paying hidden bank fees for using the debit or credit cards issued by your banks being not aware, you can easily get rid of these extra fees by checking your monthly statements carefully. Identify what extra charges or fees were charged to your accounts and contact your banks about those fees and how to get rid of them next time.


It is easy to understand how these fees can add up. Imagine if you made 10 transactions a month and the ATMs maintained by various different banks or banking network charge you $3 on an average. You could have saved $30 easily just using no fee ATMs. These fees can just simply tally up. If you keep paying $30 a month then you will end up paying $360 a year for nothing. Use the ATMs that do not charge a fee.

You can check your banks’ websites or ask a bank manager or any relevant employee of the bank to find out which banks charge ATM fees. Also check out if your bank is part of a no-fee ATM network to avoid paying ATM fees. If you are opening a new bank account then choose a bank that has a lot of ATMs and offer using no-fee ATMs.

Prevent Spending on Overdraft

It is true that overdraft can be very handy in times of difficulty or when you just need a bit of extra cash to cover the expenses of a purchase or making a payment for a utility bill, insurance cover or mortgage. You need to know how much you can be charged for using an overdraft limit that was agreed on previously or gone overdrawn on your agreed overdraft limit. Some people pay a lot of extra fees for using overdraft credit provided by their banks as they are not aware of why the banks charge them for using their overdraft credit facilities.

The worst happens when they go overdrawn even on their agreed overdraft limit. For example, a transaction that causes you go overdrawn may charge you $50 or more. If you fail to pay the fees within a specified time, you will be charged other hidden charges. It is important that you read the fine print and understand it properly so that you know what action to take if for any reason you spend just a little extra than the money you have in your account.


Check Out Transaction Fees

It is a good habit of checking out your transactions history on a regular basis. If you check out transaction fees then you will be aware of the fees associated with overdraft fees, account transfer fees, and other various different fees. If you know when your bank charges a fee for a specific transaction, you will learn how to get rid of it or avoid charges using an alternative way. If you do not check out your transaction fees, and know about these fees then these seemingly small fees can add up quickly.

Conclusion

With a little foresight and planning you can avoid paying hidden bank fees and save hundreds of dollars or more every month depending on your spending habit and transactions history.

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