How to save on your bank charges in the most effective way

Although they are not high fees, over time they can be counted in thousands of dollars

Checking bank accounts are one of the most used financial products by millions of Americans. However, there are also millions of people who lose money by mistake, carelessness or ignorance when handling these types of accounts.

We present the most effective ways to save on bank charges that you will never have to pay again if you follow these tips.

1. Account maintenance fees

Average monthly expense: $6.03 dollars

Account maintenance fees, also known as service fees or minimum balance fees, can be avoided in two ways:

  • Cover the minimum balance. In order for your bank not to charge you the maintenance fee, you must maintain a minimum amount in the account or receive a specific number of deposits within a month.
  • Change banks. There are options on the market that offer current accounts without fees of this style. Ally Bank , Discover Bank , and Capital One all offer online checking accounts with no monthly fees for this service.

If you choose to maintain the minimum balance, watch your expenses and always try to leave some money left over to avoid the charge.

2. ATM fees

Average cost per use: $2.63 dollars

Each bank usually manages its own ATMs or they are within a network so that when you want to have cash, you can withdraw it without any problem. The charge for this concept arises when you withdraw money from an ATM of another bank, network or cooperative .

Always stay within the network of ATMs of your financial institution, but if it gets complicated, try to change banks for the one that is more accessible to your home, work or wherever else you move.

Or as GOBankingRates suggests , you can also opt for an institution like Fidelity that reimburses you for your ATM fees .

3. Overdraft Fees

Average spend: $30.92 to $32.70

When you spend more money than you have in your account and the bank covers the cost, you are using a credit card-type service , so you are charged a fee for that service. In the event that you do not have that protection, the purchase will not go through, but the non-sufficient funds fee will apply.

The important thing to avoid the double edge of this situation, it is important that you record and keep in mind how much you have in your account , how much and when your expenses are automated and how much you can contemplate to make your other purchases.