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008 | Avoid Bank Fees at All Cost

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Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Disclosures.

 

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
CIT BankEarn up to 1.45% APY with a savings plan that fits your lifestyle.
Radius BankUnlimited ATM fee rebates and earn 1.00% cash back with Rewards Checking.
Axos Bank Rewards CheckingEarn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
Lively#1 user-rated health savings account. Lively HSAs are free for individuals and families, so you never have
to worry about hidden costs.

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Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Disclosures.
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