008 | Avoid Bank Fees at All Cost

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ChooseFI Favorite: top rewards card for beginners

Chase Sapphire Preferred Card​

ChooseFI’s top pick for travel rewards! The Chase Sapphire Preferred Card has a 60,000 point sign-up bonus (after spending $4,000 in the first 3 months). The points are ultra-flexible and transfer to 13 airlines and hotels. $95 annual fee.

 

Bank Fees and fees generally are the financial equivalent of death by a thousand cuts. AVOID THEM – Here's how

  • Don’t piss off the accountant: Bank Fees
  • Americans spent $32 Billion in overdraft fees in 2016
  • Bank accounts and credit cards should be financial tools you use for free
  • Overdraft fees mean you have no money and the bank is loaning you money for $35 at a time
  • If you don’t have $1,000 in savings you have an emergency
  • Jonathan had one overdraft in 2016 but his system for putting it on a credit card avoided a fee
  • One fee leads to another. Come up with an action plan to avoid them
  • If you get hit with a fee, call your bank to ask them to waive it
  • If you threaten to leave your bank over a fee, they will almost always waive it
  • Determine if you need a local branch for your bank to save more money
  • If you’re getting hit with any fees, you need to sit down with your banker to come up with a plan

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Comment Disclaimer: Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

4 thoughts on “008 | Avoid Bank Fees at All Cost”

  1. We defently dislike fees, How we gain $1700 per year by opening 5 to 6 checking/ saving accounts and ones we receive the bones $$$ and we immediately close the accounts and after 365 days we go and open new accounts.

    Keep up the awesome work with your podcast.
    Blessings ,
    TM

  2. Great podcast. It’s so common sense, but I learned a couple of great tips. Usaa not charging for atms and refunding up to 15$ a month and the charge instead of overdraft also by usaa. Thank you guys so much for this. Also, I find lists your podcasts keeps me in the right frame of mind. Great karma guys!

  3. I am not sure if this is a widely known tip or hack but, I usually go to the grocery store to get cash. My bank doesn’t charge a draft when I get money that way. The grocery store I use lets you take out up to 300 on some of the registers.

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