How To Avoid Hidden Checking Account Fees
Almost all of us are not satisfied with the number of charges or fees banking institutions tend apply for banking with them. Do not be surprised for some unexpected charges or fees applied to your account’s operations when you see your statement. It is better to know all possible charges that your bank tend to levy beforehand, and also keep a regular track of them. For example, some banks have a requirement of maintaining a limit for maintaining balance in your account and if you go down that limit, you are likely to be charged some extra fees etc. Also, avoid using a cash machine that is not linked with the network of your bank, because they charge a sum on each transaction. Another way to avoid these charges is to ask your bank about the cycles and heads of fees they will apply to your account, at the time you open your account. This is more important in case of checking accounts, because the number and ratio of fees under these heads is greater than it is on some other accounts.
Instructions
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1
Ask for Information on Charges When Open Account
You should ask your bank about the charges they tend to apply to your account at the time you open an account with them. For example, you should be sure about how much minimum balance limit they have set for your account and try to maintain that limit all the time, to avoid checking account fee. -
2
Be Selective About Bank
If you think maintaining a minimum balance requirement is always difficult for you, you should look for banks that do not have this requirement, or have more relaxed limit. This is time for you to make a decision to avoid penalties in longer run. -
3
Get Salary Cheques Transferred Directly
If you receive your wages through cheque, ask your employer to transfer the cheques directly into your account. You can also set up a direct debit for getting your salary transferred to your account to avoid unnecessary charges. -
4
Open Checking Account Online
Ssome banks offer free-of-cost checking accounts online. You can open and operate an account online, if comfortable with this mode and have a regular access to the internet. -
5
Be Careful About ATMs
You have to take extra caution while using cash machines. Make sure that the machine you are using is linked to your banking network. A machine outside from your banking link will charge extra money on withdrawals of cash or even for balance inquiries. -
6
Operating More Than One Account
It is possible that you have more than one account, and you can meet the requirement of maintaining a minimum balance by linking up all these accounts to one. You will have to check with your bank if it offers this option. -
7
Buying Checks Online
You can also avoid receiving unnecessary charges to your account if you buy checks online. You will have to be careful in this regard and make sure you are dealing with a genuine party. Buying checks online can certainly help. -
8
Monitor Your Statements Regularly
You can detect incidences of extra charges or charging of fees etc, if you regularly monitor and compare your banking statements. If you are able to access your account online, you can keep a track record of your transactions through an online statement; otherwise, regularly compare the periodical statements in print that you receive from your bank.
