how to avoid bank fees

008 | Avoid Bank Fees at All Cost


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

Online Banks to Consider

CIT BankEarn up to 1.45% APY with a savings plan that fits your lifestyle.
BBVAAccounts include free online banking and mobile banking, low opening deposit requirement ($25), and Visa Debit Card with cash back rewards.
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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ChooseFI seeks to uncover helpful services that help you be financially resilient. However, we may receive compensation, at no cost to you, from the issuers of some products mentioned in this article, including from CardRatings for our coverage of credit card products. Opinions are the author’s alone, and this content has not been provided by, reviewed, approved or endorsed by any of these entities. See our disclosures for more info.

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5 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 ,

  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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