Stay Ahead of Your Bank’s New Checking Account Policies

Be sure you know what writing a check may cost youIt’s no secret that banking fees have been going up for years, and this year is no different. While outcry stopped a number of large banks from charging monthly fees for debit card use, other charges have slipped in. New charges make it harder to
save money, such as the now-prevalent balance requirements. These charge you for the bank earning interest on your own money while they hold it. Eve Becker, finance expert with the Equifax Finance Blog, has a critical look at a number of these new and growing fees and how you can avoid them in her article, “
Saving Money On Banking Fees.”
As new regulations have cut down on overdraft fees and fees on debit card transactions, banks have had to find another way to make up the income. That doesn’t mean it has to come from your pockets. Like any other business, you are free to take your money elsewhere. There are plenty of credit unions, community banks and other institutions that offer reduced fees and free services for you to take advantage of in order to keep your
personal finances strong.
If you plan to stick with your bank, there are a few things you can do–especially if you are tech savvy. For instance, banks are often now charging for paper statements. Save trees and your own green by checking your accounts online, and be sure to plan around your balances. That way, you can avoid overdraft fees. So that you aren’t hit with a fee for using another bank’s ATM, use Google Maps or a similar service to map out where your bank’s ATMs are located in relation to where you live and work.
There is additional explanation about new fees and how to avoid them in the full article, so be sure to check it out for more ways to protect your personal finances. Read the
Equifax Personal Finance Blog for all the best ways to save money and live better when it comes to credit, insurance, taxes, retirement, real estate and everything else money-oriented.