Saving Money / Savings Advice
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People today have more places to put their money than ever before, and financial institutions have been forced to slash or even eliminate some of their fees to compete. That’s good news for the little guy, but far too many people still fall victim to bank charges that could have been avoided.
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Here are the most common ways that banks make you pay to use your own money, and how to keep that cash where it belongs — in your account.
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Out-of-Network ATM Fees
If you’re in a pinch for cash and you’re not near one of your bank’s ATMs, you should expect to pay between $2-$3 to make an out-of-network withdrawal, according to recent GOBankingRates data. It goes up to $5 per transaction if you’re out of the country.
Consider using a bank that reimburses out-of-network ATM fees, but remember, it’s up to you to keep track of the reimbursement limit. Ally Bank, for example, reimburses out-of-network ATM surcharges up to $10 per statement cycle.
To stay within the limit, avoid getting cash at places that are notorious for raking their customers over the coals. ATMs at casinos, for example, have surcharges up to $9.99. Stop instead at places like the Wawa convenience store chain, which lets anyone use their ATMs for free whether they buy anything or not.
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Monthly Maintenance Fees
Monthly maintenance fees are usually associated with business and personal checking accounts, and even some savings accounts, according to Credit Karma, not products like certificates of deposits. According to Business Insider, these charges generally range between $5-$12 per month, but they can go all the way up to $30 a month, depending on the account type. Different types of accounts generally have different fees.
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In many cases, you can waive the charge by meeting certain criteria, usually maintaining a minimum balance or making a minimum number of debit card purchases.
The alternative is to switch to one of the banks that now offer truly free accounts. Forbes recommends Axos Bank Rewards Checking, Discover Cashback Debit Checking and PenFed Credit Union …….