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 their 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.
We are not financial advisors and therefor are not giving any financial advise. Before implementing any of the tips on this website, please consult with a financial planner to ensure it makes sense for your individual financial situation.