How to Choose the Right Bank and Avoid the Fees
Debit Card (Photo credit: Wikipedia)
Are you too tired of paying varied service charges to your bank? Are these charges eating up all of your limited finances? Perhaps, this is time to change and opt for another bank. Following are some of the vital points that you may prefer taking into account when you are comparing different banks.
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What Are You Getting?
You need to check out what are you being offered from each bank you have on your list. It is good to have a comparison so you do not have to pay more as compared to what you already have to. Is it that your current bank is offering you with free checking accounts feature but charges when you want to have a debit card? Check out what the competitors are offering.
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Always Try To Keep Funds Above The Minimum Balance
It is important for you to keep your funds above the minimum balance to avoid the fee. Most banks do not charge their customers if they most of their bank transactions are electronic. Moreover, you should always opt for your account statements electronically as it will help you eliminate the monthly as well as yearly fees.
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What You Get Monthly?
You need to check out what your bank and others offer on a monthly basis. Is it that you have to come across a limited number of checks that you can write every month? Is there any sort of limit on the number of transactions you can make via your Debit or ATM every month? It is important for you to figure out these issues before you sign up for an account in any of your preferred bank.
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Pay Fee to Get Interest?
Are you opting for an account that offers you with interest but you are to be charged with a monthly fee as you are unable to maintain your minimum balance limit? In this regard, it is a lot better for you to opt for an account that is free and does not pay any interest that is connected to any kind of fees. In this manner, you will be able to avoid the monthly charges too.
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The Terms and Conditions
Make sure you have gone through the terms and conditions before you sign up for a bank account. This is because if you do not meet the criteria, you can lose a lot. Read all the related terms that you are considering and do ask questions if you find yourself unclear.
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Category: Banking
