The number one complaint that bank consumers have is the amount of fees that they pay. Did you know there are many ways you can reduce or eliminate bank fees?
- Make sure your bank package fits your needs
- It is usually cheaper to have a banking package than a pay as you go account, but you don’t want to pay for services that you don’t use. On the other hand, if you end up paying for services that are not included in your bank package, then you might want to look at package that includes those services.
- Check out special package plans for seniors, students and new immigrants
- You can usually get free or reduced fee packages if you fall into one of these groups.
- Only use your own bank’s ATMs
- Did you know that using another bank’s ATM to withdraw money could cost you up to $4.50? Your bank will charge you a fee (usually $1.50) and the other bank or ATM will charge you (usually around $2.50-$3.50). If you are taking out $20 you are paying a 23% fee!
- See if there have been any changes
- Banks usually make changes to their fees once a year. It is a good idea to find out when this is, and make an appointment with your bank at this time. They can tell you if there have been any changes to products or services that you use, and can suggest ways to save money.
- See if the bank offers a discount to their customers
- Many banks offer a discount to their clients who do all of their business with them. See if consolidating your banking business will lower your service fees.
Readers: do you have any other ideas on how to save money on your bank fees?