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How Can I Avoid Bank Fees?

There are many kinds of bank fees that an account holder has to pay. The best way to avoid unnecessary bank fees is to make sure that you understand the rules and regulations that your bank has with regard to the active accounts you have with your bank. If you are going to open a new bank account, you can expect a document detailing bank charges and fees. It will be in your best interest to study this document. If you have an existing bank account and you have no clue regarding the bank fees, then you can request for this document. Alternatively, you can give your bank’s customer service hotline a call and ask the agent to explain the bank’s fees to you.

In general, however, there are certain actions or transactions that will automatically tack on a bank fee. One very common situation is when your account balance falls below the minimum required. Different kinds of bank accounts have different required maintaining balances. The idea is the same though – that amount must always be in the account. Otherwise, you will be charged a certain fee at the end of the month.

A transaction which will take some money from your account in the form of a fee is withdrawing money from another bank’s ATM. Banks belong to certain networks. This gives you the convenience of withdrawing from any bank’s ATM, as long as they belong to the same network. However, more often than not, you will be charged a small sum for using another bank’s ATM.

Other cases wherein you may be charged bank fees include overdrawing your account, issuing checks that bounce, leaving your account inactive for a long period of time, and so on. The best way for you to avoid these charges is to arm yourself with the right information.

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