ATM fees and overdraft fees continue to climb, averaging $4.69 and $33.38 respectively.
Bank fees can seem unavoidable, but there are ways to get around paying them.
The easiest way may be to find a bank that better fits your lifestyle.
I refuse to pay bank fees.
There’s just something about paying to use my own money that I can’t accept — and I don’t think anyone should. Especially as a financial planner who has seen first hand how fees can devastate budgets, while adding billions to banks’ bottom lines.
Bank of America, Wells Fargo, and JPMorgan Chase — the three biggest banks — raked in $6 billion in ATM and overdraft fees in 2015, according to an analysis by CNNMoney.
That amount could be even higher now, since bank fees are on the rise. Again.
ATM fees and overdraft fees climbed to record highs this year, averaging $4.69 and $33.38 respectively, according to a new survey from Bankrate. ATM fees are charged if you withdraw cash from an out-of-network ATM. An overdraft fee is tacked on anytime you pay a bill that exceeds your current account balance. In other words, if the bank has to spot you cash to cover your expenses, you’re going to pay for it.
The fees can seem unavoidable, especially if you need cash in a pinch or have a bill that’s due, but there are ways around it.
The easiest way to avoid paying bank fees is to switch banks.
Not all banks charge the same fees, and many banks offer completely free checking and savings accounts. If you’re stuck in a cycle of paying too many ATM fees or overdraft fees, transferring your money elsewhere may be the simplest way to stop.
Sometimes, all it takes …read more
Source:: Business Insider