No one wants to deal with irritating bank fees, but most people accept them as a part of the process. But, what if there was a better way? We've compiled a list of tips for avoiding fees, so you can retain more of your hard-earned paycheck.
What Types of Fees do Banks Charge?
Fees are small charges for the customers that add up to big profits for the bank. Here are a few of the most common fees you may encounter:
- Overdraft fees generated from overdrawing an account
- ATM fees for out-of-network customers
- Reoccurring fees to maintain your bank account
- And many more!
Do All Banks Charge the Same Fees?
Different banks charge different fees, which means that you may receive a better deal if you shop around. Typically, you are likely to find higher fees with a larger bank. Look around town for a smaller institution. Not only are maintenance fees lower on average, but smaller banks are more likely to offer cost-saving perks like free checking. Customers can also look into credit unions and community banks as potentially cost-saving alternatives.