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Jul 02

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Fee Free

An area of your budget that may seem like a small cost can add up quickly – your bank fees. Take a look at your statement carefully. Are you being charged for using an ATM that doesn’t belong to your bank? Many times both your bank and the bank the ATM belongs to charge you for your transaction so you could be looking at a $5 fee for not using an ATM belonging to your bank. That adds up very quickly! Other banks charge for balance requirements, direct deposit or debit card usage. Make sure to ask and read the fine print. If you are being charged these types of fees, go and speak with a banker or manager at your bank. Find out if they offer a different type of account that is fee free and if they don’t or are unwilling to help you, take your business elsewhere! Also, be mindful of overdraft charges. Any time your account would go into the negative, your bank may charge you (sometimes upwards of $30+). This is unfortunately industry standard. Make sure you are not incurring these fees by tracking what you spend carefully. You may also ask to “link” your savings account to your checking account. Any time your checking was going to go in the negative after a charge, your bank would pull the money from your savings to your checking automatically to cover the charge. Some banks also charge a small fee for this service, but it may be a good back up plan just in case. There should be no regular maintenance fee for this. Make sure to always ask questions and read the fine print before agreeing to any account or service!

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