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8 Ways to Save on Bank Costs

September 2, 2015 1:33 am

Did you know the majority of Americans spend more money on milk than they do on banking? According to a recent American Bankers Association (ABA) survey, nearly three-quarters of bank customers spend $3 or less in monthly banking fees, and approximately 60 percent pay nothing at all for banking services.

“We’ve seen tremendous innovations to bank services over the last decade that have allowed our customers to bank in the way that is most convenient for them and at little or no cost,” says ABA Senior Vice President and Deputy Chief Counsel, Consumer Protection and payments Nessa Feddis. “Today’s consumers have become adept at using the many options that may allow them to bank for free, whether it’s maintaining a minimum balance, opting for direct deposit or using ATMs owned by their bank.”

To cut banking costs, the ABA recommends bank customers do the following:

• Utilize free checking and savings accounts. Many banks still offer them, especially if you maintain a minimum balance. Shop your own bank first.

• Utilize direct deposit. Many checking accounts are free when you use direct deposit.

• Keep a minimum balance. Consider keeping a small amount to pad your account. This helps to avoid monthly fees and accidental overdrafts.

• Take advantage of college partnerships with banks. College students may find special checking account deals at banks with which their college has a partnership.

• Keep multiple accounts at your bank. Many banks seek the entire customer relationship and may offer free service if you maintain both checking and savings accounts with them.

• Use your bank’s ATMs and reduce the use of foreign ATMs. Avoid fees by using ATMs owned by or affiliated with your bank. If you must use an ATM not affiliated with your bank, take out larger withdrawals to avoid having to go back multiple times. Consider the cash-back option at the grocery store.

• Don’t spend more money than you have. Keep track of transactions and account balances to avoid overdraft fees, which is easier to do with features such as mobile banking apps.

• Sign up for email or text alerts. Ask for an automatic alert when your balance falls below a certain level.

Source: ABA

Published with permission from RISMedia.

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