JACKSON, Miss. – Are you paying attention to extra fees and charges your bank adds to your account? If not, here’s a few tips to consider.
If you don’t want to overpay keep a good eye on your bank account, but not just from scammers, but your own bank. There could be hidden fees attached to transactions you may not have known about.
- Check what your bank charges when you use their services. Some banks will charge a fee monthly to maintain a checking account or interest-earning savings account.
- Look for fee-free ATMs. More often than not your bank will charge a fee anytime you withdraw money from an ATM. Make sure you aren’t also getting charged by the ATM. You could end up paying double what you thought. Check your banks ATM network before swiping.
- Eliminate check costs. Some banks still charge you to order a new set of checks. With today’s technology advancements you could get by without using checks at all, eliminating that fee.
- Stay on budget with a debit card. Using a debit card allows you to track where you are spending your money though online services. They also help cut down on ATM charges if you are getting a cash-back option through a store.
- Watch out for overdraft fees. You can set up your checking account to not allow any overdraft, however if you don’t keep track of balances because fees are attached to your account when you overdraft too much.
- Track your balance to avoid being charged for insufficient funds. A fee for this is usually $25-$35 dollars and can easily be avoided by keeping an eye on how much money is in your account at all times.
- Choose a credit union instead of a bank. Nonprofits like credit unions are actually owned by their members and they offer personal and business accounts. They usually have lower start up costs than banks.
- Look into online banking. This not only cuts down on fees for paper billing but it is an easier more secure way to manage your accounts. Double check fees before signing up.
All information was provided by Freedom Financial Network LLC and it’s co-founder Andrew Housser.
