According to a recent American Bankers Association survey, most bank customers do not pay bank fees. Sixty-seven percent of consumers pay $3 or less in monthly bank fees while 53% pay nothing. Another 14% pay between $4 and $9 while 14% say they pay $10 or more. I am very curious to know what is included in that $10 for the last group. Perhaps foreign ATM fees?
The ABA offered these tips to help reduce banking fees:
- Free Checking and Savings Accounts – Most banks offer them.
- ATM Machines – Avoid fees by using your own bank’s ATM.
- Direct Deposit – Many checking accounts are free when your paycheck is automatically deposited each month.
- Minimum Balance – Keep at least the minimum balance in your account.
- Don’t Overdraw – Keep track of transactions and account balances to avoid bounced check fees.
- Email or Text Alerts – Ask for an automatic alert when your balance falls below a certain level.
Sounds like common sense to me.