YBank fees are just getting more expensive. There are ATM fees, overdraft fees and account maintenance fees, which means that you could end up paying a lot just to access your own money.
One of the most outrageous fees is the out of network ATM fees that have climbed to 21% over the past 5 years. This means that you are paying close to $5 when you go to an out of network ATM. This includes the ATM fee and the fee that your financial institution will charge for using someone else’s ATM.
Also the overdraft fee has also risen 9% over the past 5 years.
You may fond that you never overdraw or use an out of network ATM, but your bank will still charge you for just having an account.
All of these charges can really eat at your money; here are ways that you can protect your hard earned money.
Find Accounts that have No Out of Network ATM Fees
There are banks that will not charge you for an out of network ATM fee. If you are not willing to change banks, then plan your withdrawals to avoid these charges.
Opt Out of Overdraft Protection
There are banks that will protect you from overdrafts by giving you the money to cover a transaction if there is not enough in your checking account. But don’t be fooled you will be charged an overdraft fee. You should opt out of this service.
Choose a Free Checking Account
There are non-interests checking accounts that are free and do not charge a monthly maintenance fee. Many accounts that do charge a monthly maintenance fee will allow you to waiver this fee if you keep a certain balance or transfer a certain amount by a direct deposit each month.