eHow of the Day

How to Avoid Paying Bank Fees

by Contributing Writer

As a banker, I have the honest and inside track on how to avoid paying bank fees, potentially saving you hundreds of dollars! It is easy to drain your bank account, one fee at a time, with overdraft charges, checking account "maintenance" fees, "per check" charges and even various service fees assessed for assisting customers with balancing their checkbooks.

Banks have the legal right to charge you these fees for legitimate services and may change them at any time. However, they are also legally obligated to inform you of their fees and any changes to them, which usually come in the form of a small leaflet tucked inside your statement that they are hoping you will throw away before actually reading. Typical banking fees can range anywhere from as little as $5.00 for transferring funds from a savings account to cover an overdraft in checking, or as high as $39.00 for an actual overdraft that the bank may or may not pay in the event you don't have their special coverage limit allowing overdrafts to a specific dollar amount. Checking accounts can cost anywhere from $3.00 to $10.00 or higher per month to be "maintained" by the bank. A bank does have the right to charge you for allowing them to hold your money on deposit for safekeeping, insured by the FDIC (Federal Deposit Insurance Corporation). No matter where you choose to bank, take time to compare fees and services before selecting the best choice for yourself.

• How to Avoid paying fees at Bank of America

• How to Avoid Late Bank Fees

• How to Avoid Getting a Fee from Your Bank

• How to Avoid Bank Fees and Earn Interests with Your Bank Accounts

• How to Avoid Paying ATM Fees

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