Tips for avoiding bank charges



Those who can least afford it pay more than three times as much for bank or credit union fees. According to a survey commissioned by of more than 1,000 Americans, people with an annual household income of less than $ 30,000 and a checking account pay an average of $ 31 per month in bank or cash charges, compared with 9 $ for other income brackets. .

What are some smart strategies for avoiding fees?

“Find out what it takes to waive monthly service charges. If you can’t meet these requirements, whether it’s maintaining a certain minimum balance or receiving regular direct deposits, shop around and consider. . . a bank that offers a free checking account. If you’re having trouble opening a traditional account, look for a second chance checking account or a non-checking checking account, which can help you avoid overdraft fees, ”says Amanda Dixon, analyst at

Many credit unions are part of the COOP network, which offers free ATM and branch transactions to members across the country. “Beyond our branded ATMs, Bethpage has a network of over 5,000 shared service centers and 30,000 ATMs where members can always withdraw money at no additional cost,” Linda said. Armyn, Senior Vice President, Bethpage Federal Credit Union. The national locator can be found at

  • Low credit card rates are your friend

“If you have decent credit, get a credit card from the credit union as well. Their interest rates are much lower than [those at] commercial banks. With a checking account and a credit card through your credit union, you can enjoy low cost products, save more and be on your way to building a healthy relationship with a financial institution, ”said Ogechi Igbokwe, Founder of in East Northport. .

  • Disable overdraft fees

According to Kim Palmer, banking and credit card expert at, “You can turn off overdraft fees, which can cost frequent debtors $ 442 a year. A word of caution: if you don’t have enough funds, your purchase will be rejected or your check will be bounced.



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