Don’t Spend All Your Money at the Bank

Are extra fees at the bank costing you money? Be smarter about banking with these tips from the American Bankers Association.

Here’s the tip of the day:

Most bank customers are able to maintain their accounts with no fees, according to the American Bankers Association. Sixty-five percent of consumers spend $3 or less in monthly banking fees for services such as checking accounts and ATMs. Fifty-two percent pay no fees at all. The survey involved 1,000 customers.

If you’re spending too much money at the bank, try these tips:

1. Find free checking and savings accounts.
2. Avoid ATM fees by using your own bank’s machines.
3. Sign up for direct deposit. Many checking accounts are free if your paycheck is automatically deposited each month.
4. Maintain at least the minimum balance in your account.
5. Don’t go overboard. Track your transactions and account balances so you won’t bounce checks or withdraw too much cash and rack up extra fees.
6. Sign up for e-mail or text alerts to receive an automatic alert when your balance falls.

Source: American Bankers Association

Do you have additional tips for managing your bank account? Write in to The Pinch to let me know.