How to Save Money on Bank Charges

Don't let bank charges eat up your hard-earned money!

Charges for minimum balance fees, conversion charges for credit cards, overdrafts, ATM transactions or even to see a teller--it's all very frustrating. Here are some ways to save money on bank charges and fight back.

Things You'll Need

• Bank Statements
• Computer
• Credit Report
• Credit Card

Instructions

1. 

   Shop around, and consider steering clear of nationwide chain banks when you do. Many times, the smaller, local banks offer accounts with lower charges and even free accounts with monthly e-statements that you receive in your email box instead of the mail. Gather several brochures and informational materials before you make your decision so you can compare and see who has the lowest bank charges. You can also explore Internet review websites and see what others are saying by reading reviews of the bank you are considering.

2. Be mindful of where, when and how many funds you withdraw from any ATM. Try to visit an ATM that your bank owns or one with no or low transaction fees. Some banks offer accounts that will reimburse you up to a specific dollar amount for any ATM fees you incur each month. Find out if your bank offers this type of program.

3. View your bank statement online, preferably at least weekly. Check for errors and double-posted transactions or charges you do not recognize. You can sign up for bank access either online or with a financial representative. You will need a user name and password to log in each time. You will be able to view your transactions, balance, transfer money even to another financial institution, pay bills and loans. Online bill pay is usually free or has minimal charges, but can cost less than a stamp. It gives you an electronic receipt for each payment sent. In some cases, it can be quicker than mailing a payment.

4. Link your accounts (i.e., checking, money market or savings) to each other and set up an automatic transfer in case the balance is negative in one of the accounts. You may have to fill out additional paperwork or apply for credit. Some banks will allow you to link your bank account to your credit card. Whatever charges you incur for these types of transfer will be less than overdraft charges from a bank.

5. Do not use the teller if your bank charges for these types of transactions, such as a counter fee. Or, if you have only a few visits, keep track of them in your cell phone or handheld device or on a piece of paper. This way you will know if you have exceeded the allotted number of teller visits for the month. You can make deposits at many ATMs, especially if they are located on the premises of a bank.

6. Find out ahead of time whether or not your credit or debit card will incur currency conversion fees when traveling abroad. If so, consider purchasing travelers checks from your bank. This also could apply if you purchase items from a foreign vendor, even if it is done while you are in the US.

7. Know what current interest rates are for mortgages, car loans, home equity lines of credit and consumer lending. This can save you a considerable amount of money when it comes to bank charges. Saving even a few dollars each month can add up to hundreds over time.

8. Try not to close a bank account within 90 days of opening one, as this can incur bank charges and look unfavorable if you try to open future accounts.

Tips & Warnings

• Keep a cushion amount in your bank account should you make arithmetic errors. This will lessen the likelihood of overdrafts.

• If you do not have Internet access, sign up for banking by phone. This is usually less than a 10-minute process.

• Keep your eye open for special deals banks offer for opening new accounts. Some will offer gifts or cash.

• Look on the ATM itself for fee notices or view the screen when you insert your card. It won't let you proceed unless you agree to the fee.

• Read the fine print and know what you are agreeing to when you open an account.