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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money.
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David's goal is to help readers figure out how to…
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Banking shouldn’t mean paying to save and spend your money. Rather than let small banking fees on your account deplete your balance, educate yourself on the fine print to know ways to avoid handing over any extra cash to your institution. Here are three habits to help limit monthly account maintenance costs.
Set up direct deposits
Your bank may advertise “no monthly fees,” but this lack of banking fees may hinge on your ability to meet a monthly direct deposit requirement. While banking, if you don’t establish some type of direct payment, many banks hit you with a fee between $5 and $10 each month. Fill out the necessary paperwork with your employer to avoid giving your bank extra cash.
Limit ATM inquiries
If one of your regular banking activities includes printing a statement of your account activity via the ATM, you may be quietly adding up costs. Some banks charge for this service — even at their own ATMs. Instead of being charged to find out how much money you have, use online banking for a free view of your recent deposits and withdrawals.
Know your balance minimums
Avoid the banking mistake of letting your balance drift below your minimum requirement. Establishing a minimum is a commonplace practice at banks across the country, and it’s up to you to be in-the-know about your balance. Fail to pay close attention to your funds, and you’ll pay in the form of fees that usually range from $5 to $15.
It’s your money in the account; don’t let the bank take more than it deserves. If your current financial home is weighing you down with fees, look for a new savings or checking account with fewer banking fees to make your banking better.
David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David's goal is to help readers figure out how to save more and stress less.
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