Published on 08-01-2016
Nobody likes to pay fees. But, the thing is, if you don’t watch what you’re doing, or if you don’t ask the right questions, you could end up paying a few. In fact, the average U.S. household spends $290 on bank fees each year. Fortunately, fees can be avoided. The following lists just a few ways to avoid the fees associated with your checking account.
Thanks to the emergence of online and mobile banking, many of the things you might need to do with your account (like simply checking your balance or verifying a deposit) can all be done with a click of the mouse or the touch of a finger …and all for free! If you were to make an inquiry or request over the phone for any of these things, there could be a fee associated.
If you’re receiving paper statements, those could have a cost associated with them. Instead, opt-in for electronic statements. They are free at most financial institutions.
Let’s say you’re about to make a large-sum payment (like your child’s tuition bill). In that instance you may need an official bank check (or a Cashier’s Check) to put the deposit down. To avoid the fee that may be associated, you can send the payment electronically via Online Bill Pay. If the recipient doesn’t take electronic payments, they will then receive an official check.
Sometimes errors occur. You fill your gas tank but it takes you to negative $10.00 on your checking account. Set up Overdraft Protection, which can pull the funds you need to make that gas purchase from another savings account or loan. Better yet, look for overdraft forgiveness that allows you to fix your balance or doesn’t charge you for small overdrafts. You can also set up a low balance alert, helping you to stay on top of your balance before an overdraft should occur. Any of these options significantly reduce or eliminate any fees you may incur after filling that gas tank up!
Most checking accounts require a minimum balance. Keep that and there isn’t a fee. However, Coastal’s Go Green Checking account is free. A minimum balance is not required AND there are no monthly fees.
And there you have it! Those are just five simple tips to avoid fees on your checking. To learn more about our fee structure, visit www.coastal24.com/fees.