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How to Avoid Bank Fees

How To Avoid Bank Fees

Here are some tips for avoiding or minimizing bank fees.

Stay Away From Overdraft Bank Fees

  • Deduct any checks, debit cards as well as electronic withdrawals from your check register immediately.
  • Keeping an eye on your account is easy with online banking or mobile banking. Online banking can be set up so that you receive balance alerts via email or text message.
  • Maintain a regular checking account balance.
  • Enroll in Overdraft Protection through savings or a credit line. Overdraft transfer fees are much cheaper than overdraft fees or non-sufficient funds fees.
  • Debit card transactions pending may be subject to holds. Debit cards require you to keep track of pending transactions that reduce your balance.

Avoid ATM Fees

  • Use fee-free ATMs.
  • You can earn cash back at the store if you use your debit card and PIN when you make purchases.
  • Avoid cash transactions by paying with a debit card. Make fewer small withdrawals and get more cash on each ATM visit.

Fees Associated With Overdraft Transfers Can Be Avoided

If you have signed up for Overdraft Protection, these bank fees apply to overdraft transfers from your savings account as well as your line of credit.

  • You can monitor your accounts and make transfers using online banking or mobile banking.
  • You can authorize direct deposits to be made to your checking account instead of your savings account.
  • Payroll deductions should be adjusted based on your normal spending habits.

Savings Account Fees Should Be Avoided

  • To avoid excessive withdrawal fees, limit cash or official check withdrawals to two per month.
  • Make a transfer from your savings to your checking account while writing your own check to avoid fees for official checks. 
  • If you have a savings account opened for more than 1 year, you must maintain a regular balance of $100 or use other services to avoid a savings-only fee (members younger than 23 are not eligible).

Say “No Thank You” To Late Fees

  • A checking account can be used to automatically transfer loan payments.
  • If you need to make a loan payment at any time, you can use online banking or mobile banking.
  • Also, You can pay your credit card online at any time using online banking.
  • Online banking allows you to set up recurring payments.
  • Make sure that your loan or credit card payment reaches your creditor well in advance of the due date on your statement if you are sending it by mail. Also, ensure that payments are mailed to the right address.

Avoid Inactivity Bank Fees

If you have not used your account for more than one year, have no loan or credit card, or have a balance under $100, you will be charged an inactivity fee every month for accounts of members age 23 and older.

To avoid this fee, follow these steps:

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