photo credit bucktrack.com
In response to greater regulations from the federal government, some banks are increasing the fees for everything from checking accounts and teller services to overdraft fees and the use of non-affiliated ATM’s. Some of those fees have already started. You can expect to see even more fees begin in July when additional regulations take effect. Banks are trying to maintain revenue margins.
The best advice for consumers: BE SMART.
If your bank is going to charge fees to use out-of-network ATM’s to withdraw money from your account, plan ahead and have enough cash on hand to be able to wait until you find an ATM in your network.
Take advantage of deals some banks are offering. My bank recently offered incentives to go paperless and not send statements through the mail. I jumped at the opportunity. It’s better for environment, plus the incentive saved me a few dollars and bank saved money by not paying for postage. It was a win-win for everyone.
Finally, if you are fed up with fees, don’t be afraid to switch banks. Many times, banks will offer to waive fees just to keep from losing a customer. But if you do switch banks, do some research beforehand to identify what bank will offer the best deals and savings rates. Be sure to read the fine print. Many times banks will require minimum balances that could be difficult to maintain, and if the balance falls before the minimum, even for one day, your account will incur a fee.
Related posts:
About Tracy
Connect With Us