A Financial Checklist for Avoiding Bank Fees
Feeling overwhelmed? Don’t be. You can take control of your bank account with a few simple steps. Use this checklist to conduct a quick review of your banking situation and identify where you can save money.
First, review your last three months of bank statements. Grab a pen and circle every single fee you were charged, whether it was a monthly service charge, an ATM fee, or an overdraft penalty. Add them up to see how much these fees are really costing you.
Second, get a copy of your bank’s official fee schedule. Call your bank or visit their website to obtain this document. It is your guide to understanding why you were charged and, more importantly, how you can avoid those charges in the future.
Third, contact your bank directly. Call the customer service number or visit a local branch. Ask them if you qualify for a senior-specific account that has no monthly fee. Inquire about having your existing fees waived by setting up direct deposit or maintaining a minimum balance.
Fourth, analyze your banking habits. Are you frequently using out-of-network ATMs out of convenience? Are you cutting your account balance too close to zero at the end of the month? Identifying the habits that are costing you money is the first step toward changing them.
Fifth, if your current bank is unwilling to help, be prepared to switch. Your loyalty should be rewarded, not penalized. Research local credit unions and reputable online banks that offer truly free checking accounts. Moving your money may seem like a hassle, but it could save you hundreds of dollars every year.
