Last spring my husband and I decided to find a new bank. Much of the reason for this change was because our bank had instituted a series of new fees, that would have us, long-time customers, losing money on the relationship.
Banks are still in the news, ever since the word came out that some banks will begin charging service fees for using a debit card. Thankfully, I’m not a huge fan of debit cards and rarely use mine, so this news won’t affect me too much.
Even with all this, it is possible to find a bank that charges no fees. We did it, and you can, too. Here’s how.
Often, avoiding bank fees can be as simple as maintaining a minimum balance or accepting a paycheck by direct deposit,” said Nessa Feddis, ABA vice president, senior federal counsel and retail banking expert.
In fact, one of the ways that we avoided bank fees is having paychecks direct deposited into our account. Additionally, because we signed up for our bank account online (as opposed to visiting the branch in person), that also allowed us to qualify for no fees.
As far as the survey goes, when asked how much they estimate they spend on fees for banking services each month, such as checking account maintenance and ATM access, consumers provided the following responses:
- 71 percent said they pay nothing;
- 11 percent said $3 or less;
- 6 percent said $4 to $6;
- 4 percent said $7 to $9; and
- 7 percent said they pay $10 or more.
I would think that with the aforementioned deposit and sign-up options, as well as credit union checking and savings accounts, you shouldn’t have to pay any fees at your bank.
Tell us: Have you found a way to avoid bank fees?
Most mothers teach their kids to cook and clean. Leah Ingram’s mother taught her to compost. These days she’s passing along this message to her own daughters as they all try to live a frugal lifestyle. She’s the author of Suddenly Frugal: How to Live Happier and Healthier for Less“Suddenly Frugal:How to Live Happier and Healthier for Less.” Visit her blog, Suddenly Frugal.