Tips to Eliminate Basic Bank Charges

Many consumers simply accept bank charges and fees as a fact of life. It can appear easier to accept the status quo of remaining with a bank that makes a profit from your account, than to actually switch to a different bank where many of the fees can be eliminated. However there are several ways to save money on unnecessary bank charges which should be considered, rather than simply paying them from complacency.

Free banking is available, primarily with Internet banking accounts. Typical charges that can be eliminated in one stroke include monthly maintenance fees, ATM surcharges, and check fees. It pays to comparison shop between online accounts to search out the best deals and consider switching.

The majority of accounts issue some caveats which need to be adhered to obtain free banking, primarily based on maintaining an average daily account balance which can vary substantially in range. However, oftentimes interest is added to the balance making it a less expensive choice than paying to run a savings account.

There isn’t necessarily any need to switch bankers if you are satisfied with your current bank and have built up a relationship. Once again, to negotiate an elimination of fees in order for them to retain your customer loyalty, comparison shop between offers before approaching your current bank with the information.

Not everyone is in a position to switch banks or negotiate a better deal. Those hampered by overdrafts and paying exorbitant charges for the privilege should consider eliminating the interest levied by opening a zero percent credit card. By switching all bill payments and spending to the card for the duration of the introductory offer period, all income can be directed into the checking account to reduce then eliminate the overdraft. Once the overdraft is cleared and a balance has accrued that will prevent a future negative balance, concentrate on clearing down the credit card.

Bank charges will inevitably rise in the fall of 2011 as bank interchange fees on debit card use will be changed, leading to a loss of profits. To combat these losses the banks will look to raise other charges. Almost all debit card rewards schemes have already been curtailed so consumers should look to banks without monthly maintenance fees to avoid one of the most costly expenses incurred through checking accounts.

Whilst occasional fees may not appear as a major expense, consider how much the annual loss to your checking account is. Eliminating typical fees can represent a huge annual saving that could be far better served accruing interest.