How can you get rid of bank fees that you have not even heard about?

| November 8, 2014

Most people do not even imagine that they are paying additional fees in their banks. The most popular fees are a foreign transmission fee and a fee for having paper statements.
Moreover all documents that you have from the bank are written in very difficult and dense manner that only few people can understand the whole meaning. So this makes even the simple checking of your disclosure statements a document in 69 pages long.
So that is why a demand for banks to make their documents more adopted for reading and understanding is good and logic. However not many banks have already done such changes.
All that we can do for now is to make a list of unknown fees and to perform possible ways to avoid them.
1. A fee for earlier closure of your account.
You should know that your account can be required to be opened for definite period of time; otherwise you will need to pay a fee for closing it. Banks have quite good income from people for opening and closing their accounts. In such way banks want to prevent you from closing your account at all, because after some certain period of time you are not supposed to do this.
So the easiest way is to remember to close your account on the determined date.
2. A fee for periodical maintenance.
Some banks can charge you for monthly and annual maintenance. However there are definitely some requirements you can do to prevent paying this fee.
You should check the agreement with the bank concerning your account and find ways to avoid the maintenance fee.
3. A fee for minimum balance.
Almost all banks that provide low interest rates make their money on that amount of money that is on your account. That is why they are not interested in such situations when you withdraw all your money and they are trying to attract you to keep your balance high enough.
To avoid this fee you should know the lowest limit for your balance with no fee for this and have this amount of money on your account.
4. A fee for paper statement
If you are not used to online service you will pay additional money for all papers you need. This can be explained by the environmental unfriendliness and high price of paper production.
The solution for this situation is to choose an online service. Moreover when using online financial services you may always take pay day loan in Canada and have money transmitted directly on your bank account within 24 hours. This service does not need any paperwork and faxing, so it is easy and convenient.
5. A fee for foreign transaction.
If you are abroad and make a purchase with your US credit card you will be charged additional fee. Moreover you can even have a fee if you pay for your purchase in dollars.
The bankers can explain this fee in such a way that the international transactions are potential procedure for frauds, so you pay money for your safety and protection.
However there are still several banks that do not charge for such procedures, so you may use their service.
6. A fee for debit card loss.
If you lose your debit card you will pay not only for the materials and work to restore it, but also for special protection is being made. It is not so easy procedure as you can think. The bank needs to connect your new card to the protection system to avoid any frauds.
Also you may pay more for urgency. So you can just make this fee not so high for waiting the simple order.
There are other fees that some banks can charge, so you should spend some time to know what you are paying for and try to reduce these additional fees.

Category: Finances

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