Preventing Bank Fees

Anelle Valdes
Anelle Valdes
the words “bank loans” are on display on a tablet

How to prevent bank fees?

Do you ever find yourself looking over your bank statement each month and realizing some of your hard-earned money was spent on bank fees?

Bank fees are annoying but pretty easy to prevent. One way bank fees occur when you over draft your bank account. It is important to use a bank account that offers overdraft protection, especially if you are often finding yourself over drafting your account. Another helpful thing to do is keep a log of your expenses and your income. Usually a visual of what you are spending your money on and what your income is will help you to save money, thus preventing a bank fee for having less than you are supposed to in your bank account. Technology today makes it much easier to spend more money than you have because of the banking apps that are downloaded to phones. The apps allowing you to transfer money between savings and checking accounts; it makes it easier to spend all of your savings money, which leaves you in a huge financial crisis leaving you with no money. So to prevent those pesky bank fees, keep more than $50 in your savings account so you have a little more than needed to keep it open and don’t use your debit card when you have a low balance in your checking account. Also, if you have an automatic withdrawal from your account for a bill then make sure you have enough money for that bill so there is enough time for a check to go through so you don’t get hit with an over draft fee.

Every bank has its own rules for what constitutes a bank fee. Many banks charge for having less than a certain amount in your account, the number of debit transactions, etc. If you aren’t sure what your banks rules are, it’s a good idea to go into your branch and find out.

The recommendations contained in this article are designed for informational purposes only.  Essential Lending DBA Wise Loan does not guarantee the accuracy of the information provided in this article; is not responsible for any errors, omissions, or misrepresentations; and is not responsible for the consequences of any decisions or actions taken as a result of the information provided above.

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