Finance

12 Smart Ways to Avoid Bank Fees and Save Hundreds Each Year

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Bank fees can silently drain your hard-earned money, with the average American spending over $250 annually on unnecessary charges. Whether it's monthly maintenance fees, overdraft charges, or ATM fees, these expenses can add up quickly. The good news? Most bank fees are completely avoidable with the right knowledge and strategies. In this comprehensive guide, we'll show you proven methods to eliminate or reduce common bank fees, helping you keep more money in your account where it belongs. By following these simple yet effective steps, you could save hundreds of dollars each year while maintaining all the banking services you need.

Choose the Right Bank Account

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Start by selecting a bank account that aligns with your financial habits and needs. Many online banks and credit unions offer no-fee checking accounts with no minimum balance requirements. Compare different banks' fee structures and look specifically for accounts advertising 'no monthly maintenance fees' or 'free checking.' Consider online-only banks, which typically have lower overhead costs and pass these savings to customers through fewer fees.

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Maintain Minimum Balance Requirements

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If your account has a minimum balance requirement, make it a priority to maintain this threshold. Create a buffer by keeping slightly more than the minimum required amount. Set up balance alerts through your bank's mobile app or online banking platform to notify you when your balance approaches the minimum requirement. This proactive approach helps you avoid monthly maintenance fees that typically range from $5 to $15.

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    Don't forget to factor in pending transactions when calculating your balance

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Avoid Overdraft Fees

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Overdraft fees are among the most expensive bank charges, often costing $35 or more per transaction. Opt out of overdraft protection and instead have transactions declined if you don't have sufficient funds. Link your checking account to a savings account as a backup, or consider a bank that offers overdraft-free accounts. Some banks also provide grace periods to deposit funds before charging overdraft fees.

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12 Smart Ways to Avoid Bank Fees and Save Hundreds Each Year