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7 Fees You Should Never Pay — And How to Avoid Them – Money Talks News

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Like it or not, some fees are unavoidable.

But others are excessive, egregious and just plain obnoxious. You certainly don’t have to like them — and you don’t have to pay them either.

He…….

fizkes / Shutterstock.com

Like it or not, some fees are unavoidable.

But others are excessive, egregious and just plain obnoxious. You certainly don’t have to like them — and you don’t have to pay them either.

Here’s a look at fees you should never need to pay.

1. Coin conversion fee

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As paying with cash has become less common, it’s gotten more expensive to turn your change into bills.

Many banks used to have coin-counting machines that account holders could use for free. Now, those that have them generally charge for the service. (However, a coin shortage caused by the pandemic led Regions — and perhaps other banks — to waive those fees temporarily.)

And, of course, many of us don’t physically visit banks anymore — so the only coin counters we encounter are the ones operated by Coinstar in grocery stores.

Coinstar charges a whopping 11.9% service fee plus a 25-cent transaction fee for the pleasure of sitting through all that whirring, clanking and feeding of a few stubborn coins through the machine multiple times.

However, you can avoid this fee in two ways. First, you can redeem your change for an eGift card from a wide variety of retailers and services including Amazon, DoorDash, Home Depot and Southwest Airlines.

Second, you can do the coin sorting yourself. Your bank might still give you coin wrappers for free, or you can find them at the dollar store.

If sorting and rolling coins doesn’t sound worth your time but you still hate the fee, you can strike a middle ground by buying your own coin sorter —
this one’s a bargain for the one-time, flat fee of about $27 on Amazon.

2. ATM fees

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Want the privilege of accessing your own money? That’ll be $4.66, please.

That’s the average amount for fees on a transaction through an ATM not run by your bank, according to recent research. It accounts for the fees both the ATM owner and your bank hit you with.

The good news, from the same study, is that banks have been increasingly ditching the practice of charging customers who use out-of-network machines. So keep complaining, and use one of the roughly 40% of banks standing on the right side of history. We name several in “6 Banks That Waive or Refund ATM Fees.”

If you’re not willing to make the switch, you can make liberal use of your debit card to get small amounts of cash back alongside many retail transactions or be sure to always use your own bank’s …….

Source: https://www.moneytalksnews.com/slideshows/7-fees-that-you-should-never-pay/

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