Everything You Need To Know About Low Fee Banking
Nobody likes to pay extra fees and, unfortunately, a lot of people fall victim to hidden fees when they first open an account. This can be avoided by reading all of the fine print, but it’s best to start with a bank that has no fees or minimal fees. Whether you’ve just gotten your first checking account or just setup a new bank account for a job that you just landed, you’re bound to run into some fees. This can come as a surprise to a lot a people and often times it leaves them financially crippled.
It’s understandable that banks have to charge fees, they do offer quite a bit of services that can take up resources, and you’ve got to admit that a lot of banking features can come in handy. The ability to pay bills online, manage your accounts and transfer funds can be very helpful to a lot of people. Even so, a lot of the fees seem to be a bit pricey. The increase in fees has drastically increased within the past couple of decades, and it really makes you wonder how they’re determining the costs. It’s really no fun to check your bank statement and see a bill of $200 just for doing your normal banking routine.
The best way to avoid this is by finding a financial institution that has no or minimal fees. If you’re the type of person who just uses a bank to cash your paycheck, you can avoid a lot of fees by just getting a basic account. A good portion of banking fees come from accounts that have various bells and whistles. If you’re only going to be taking out money once a week, or even just making debit transactions, you should choose a banking account with basic features.
Now, I realize that nobody likes to read a wall of text about a bank’s fees or service agreements, but it can save you from many headaches. Looking through the fine print will allow you to be familiar with all of the types of fees and how to avoid them. If you feel that the terms and conditions print is too complicated, you should give your financial institution a call and have a representative thoroughly explain all of the fees to you. If you’re still unsure which type of account you should choose, tell the representative what kind of features you’ll be using and ask them to find an account type that suits you.
You can also find a lot of lower cost banks by researching online. A simple Google search of a bank’s name along with the word “review” will yield pages and pages of information. Read through some opinion and base your decisions off of what other users have to say. You’ve got a lot of options, so there’s no need to go with the first bank you come across.
Larry Gray has worked with Cyprus offshore banking for 10 years and is educated in various financial aspects.
