Keep An Eye Out For Banking Fees

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Calculator on notepadYou may have a “free” checking or savings account, but if you’re not careful about how you manage it, fees could make the account much more costly than you realized.

Check the fine print in your account terms, or ask a bank representative about what you can be charged for. Here are a few things to look out for that may result in fees:

  • Balance under the account minimum.
  • Overdrafting the account.
  • Withdrawing money at another bank’s ATM.
  • Making deposits with a teller.
  • Calling customer service.
  • Exceeding a certain number of transactions in a month.
  • Paying bills or transferring funds online.

If a fee applies to your account and is tough to avoid, for example if you often have a need to withdraw from other bank’s ATMS, you may want to ask if there is another account type that would suit you better or shop around for accounts with better terms from other institutions.

Anna Platz is an Editor at ForTheBestRate.com, a leading mortgage rate research website, as well as the Lead Contributor to GoodCentsSavings.com, a blog about budgeting and personal finance. Anna is immersed in the world of real estate, mortgage, and home financing and is here to provide valuable resources for homeowners and soon-to-be-homeowners on buying and selling real estate, researching a mortgage broker or lender, and securing a home loan. Check back often for news, updates, and remember that you can find today's current mortgage rates at ForTheBestRate.com. My Google Profile+

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