Home » Income » $100 to $1000 » Bank Account Fees That Will Mess Up The Beginner Entrepreneur

Bank Account Fees That Will Mess Up The Beginner Entrepreneur

Bank Account Fees That Will Mess Up The Beginner Entrepreneur

Bank Account Fees That Will Mess Up The Beginner Entrepreneur are listed below. I list them because I think as you build your home based business you are going to want to keep as much money in your account as possible. These are some fees the banks charge that we can do without.

Let’s go paperless and save money!

  1. Paper Statement Fee

What is it for: Yes, some banks now charge you to mail a monthly statement to your home.

Typical Charge: $1 to $5

How to avoid it: opt out of getting a mailed version and view statements online for free (if you wish, print them out at home). Or upgrade to an account that waives the fee.

 

I paid over $3000 in overdraft fees at one time in my life.

  1. Overdraft Transfer Fee

What it’s for: To prevent checks from bouncing. You can set up an automatic transfer from one account to your checking account, but there is usually a transfer fee.

Typical Charge: $10 to $12.50

How to avoid it: Set up low-balance alerts for your checking account and do a free transfer before an overdraft occurs.

 

This catches people every time at games and special events. Plan a head!

  1. ATM Non-Network Usage Fee

What is it for: This pesky fee is charged when you stray outside your banks ATM network.

Typical Charges: $2 to $3.50 per transaction by your bank, plus up to $10 by the ATM operator.

How to avoid it: Stay in the network, or get cash when you pay with your debit card at the grocery store; often there is no fee.

bank account fees

Opening an account only to close it within a few months does not make sense. Do better!

  1. Early Closure Fee

What is it for: Banks charge you for closing an account sooner than they would like.

Typical Charges: $25 to $50

How to avoid it: When opening an account, ask how long you need to keep it open to avoid a closing fee; typically, it’s 180 days. Then make sure you keep a balance for that duration.

 

You’ll draw the FBI to your account if you have a lot of money in it and you are doing this!

  1. Excess Activity Fee

What’s it for: Federal rules limit certain withdrawals and transfers from savings accounts to six per month, and most banks charge a fee if you exceed this.

Typical Charges: $5 to $20 per transaction

How to avoid it: Make savings account transactions in person at your bank or at an ATM; those aren’t limited by the regulations.

 

Just go paperless and print what you really need.

  1. Check Image Service Fee

What is it for: If you want to get copies of your cashed checks with each month’s statement, it’s going to cost you.

Typical Charges: $2 to $3.50 each statement cycle

How to avoid it: View checks through online banking for free. You can print them yourself if necessary.

 

I’ll leave you with this thought:

“It’s not how much money you make that counts,

it’s how much you have in your account that really matters”.

, , , , ,

Leave a Reply

%d bloggers like this: