Easy Ways To Reduce The Cost Of Your Checking Account
Every person with a checking account knows that the fees that banking institutions charge for these checking accounts can add up quickly, with many costing consumers around $200 per year. Most people would avoid these fees if it were possible to without having to put forth a great deal of effort. There are a number of different ways to reduce the cost of having a checking account and many of these actions take little to no effort to complete.
Don’t Buy Bank Checks
Purchasing checks to use with your checking account can be a major expense, especially if you are the type of person that writes many checks throughout the month. The checks that are purchased at a bank will typically cost around $25 for a box of 200 checks, but you can save more than 50% by purchasing your checks from a reputable printing company. These companies charge around $10 for a box of 200 checks and typically have a wider selection of check designs than the banking institutions. These checks can be ordered by mail or online at the website of the printing company.
Avoid Overdrafts At All Costs
One of the most expensive mistakes that you can make with a checking account is to overdraft the account. Each instance of overdrafting that occurs with your account can cost you a fee of around $35 plus an additional daily penalty fee for each day that your account remains overdrafted. You may think that you are safe if you have your checking account linked to your savings account to automatically transfer money if there is not enough in your checking account, but the bank will still charge you a fee of between $5 and $15 for the automatic transfer.
Use No-Cost Cash Withdrawal Methods
ATM fees for using an ATM not branded for your bank is a huge source of fees for the banking institutions, totaling billions of dollars each year. Instead of paying fees of $1.50 or more to two separate banks for each of these transactions, use the internet to find out where you can withdraw your cash free from bank fees, such as stand alone ATM locations in parking lots, gas stations, and grocery stores, which are on the way to your destination. You also have the option of obtaining cash from your checking account fee free during the check out process at your grocery store by writing a check or using your debit card and asking for cash back.
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