If you want to know the different methods to use in order to avoid banking fees, then read this article. We are going to discuss some of them and how they can be used. This is by no means an exhaustive list but it will give you a good starting point for further research.
First of all, if you have a checking account, you will probably want to avoid over the limit fees. They are very high, especially if you are overdrawn. Overdrawing your account can result in a penalty fee that is proportional to the amount over your credit limit. You can avoid banking fees by checking your balance often enough so that you don't incur any penalties. Another way to avoid over-limit charges is to make sure you pay your bills on time. Failure to pay bills on time results in high banking fees, since they charge extra interest on late payments.
Some banks charge a fee for debit cards. They are more common in smaller banks because there are not that many of them around. One way to use one is to transfer the money from your savings account to your debit card, then use it like a gift card. You can then top up your debit card at any ATM.
You might also want to consider using your bank's check cashing services instead of taking out a check from the bank. The bank fee is very low, about two or three percent, on top of the discount. Some banks may also let you take out checks with the same fee. Of course, you cannot use the card to buy tangible goods, but you can use it to get cash from ATMs or from the bank itself.
You can also use the cash advance services of a bank to avoid paying a fee. These services allow you to take advantage of the ATM fee discount and use it to get cash on the spot. There are usually very few fees involved, even if you have to use a credit card to make the purchase.
Check the prices of items in your local market before buying them. Banks often charge very high prices for things that are sold locally. Compare prices at other stores to see where you can get the items for the lowest price. It is possible to save a lot of money by doing this. If you use the Internet to shop, you can compare the prices from different online stores, as well.
Use the phone book to find a list of local businesses that accept your preferred payment methods. Often you will find that the most popular ones will be on the list. Switch to using these companies when possible. Even if you cannot pay in cash right away, wait a few days and make a payment before switching. You can avoid bank fees this way and be sure to get the money back through the ATM later on.
One of the easiest ways to avoid fees is to only pay with cash when you have money in the bank. If you need to pay a bill online, contact the company directly to set up a payment plan. You can pay one bill each month without having to pay another one. In addition to avoiding charges, this can also help you avoid having to give the company your credit card number over the phone. This can lead to unwanted calls that will add up to a large bill.
Another method that you can use is to use a debit card. Debit cards are almost like a gift card, which means that the customer does not have to pay any fees when they use it. These cards can be used at any place that accepts payments. They do not carry a balance and are just like a regular card with a logo on them. The company receives the funds in the form of credits that you can then use for any purchase that you wish. Most places accept these cards, which make it easier to pay for items that you would otherwise have to pay cash for.
If you have a savings account, your best bet is to transfer your funds directly to that account. You can avoid bank fees by transferring the money when you need to as well as paying any fees that apply. Be sure to check with your financial institution to find out exactly which option is best for you and your financial situation.
There are many other methods to use in order to avoid bank fees, but these two methods are the easiest. Before you start looking into these other options, you should look into transferring your checks. This will save you even more money as the money will be automatically deposited into the checking account.