Are Unnecessary Bank Fees Costing You Money Every Month? | Refresh Financial

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Are Unnecessary Bank Fees Costing You Money Every Month?

Are Unnecessary Bank Fees Costing You Money Every Month?

Cut everyday banking fees to save money to pay down debt

Not many of us pay attention to the details of our bank accounts and sometimes we pay hidden charges without realizing it. Are unnecessary bank fees costing you money every month? And is there a way to reduce that cost? The answer to that question is yes, let’s take a look at easy ways to eliminate these extra expenses.

1. Overdraft charges/NSF fees

These charges occur when you do not have enough money to cover a payment. It could be insufficient funds that prevented an automatic withdraw or bounced a check. Overdraft protection will guard against any NSF fees, but you’ll pay interest on any amount you’ve used, and there’s also a monthly overdraft fee. Avoid these charges by properly budgeting and knowing when payments are scheduled to come out.

2. Interac e-transfers

These email transfers are convenient in a pinch, but there are usually charges associated with it. Although it’s not a large fee, over time they can add up. Paying a person in cash is an easy way to avoid the extra cost.

3. Annual fee

Certain bank accounts and credit cards have annual fees that are attached to them. Fortunately, there are many options when it comes to banking so there’s no reason you should settle. Annual fees are easy to avoid, so make sure you do some research before signing the dotted line.

4. High general banking monthly fees

It’s discouraging when your financial institution charges monthly fees for your basic checking account, especially when you're trying to save money. Your local credit union likely offers no-fee bank accounts and it’s easy enough to switch over, but before you do, speak with your bank and ask if they have any no-fee options. Some banks will also waive the fees if you maintain a certain balance on your account.

5. Credit insurance

Credit insurance is designed to protect you, in case you can't pay off your credit balance. However, employment insurance or disability insurance already protects you in this area, so you want to make sure that you're not paying for a redundant service.

6. Replacing lost cards

Replacing your lost bank card or credit card often comes with a fee, so keep track of your cards and maybe make use of Apple and Google Pay to avoid carrying your cards with you.

 

The bottom line is that hidden fees are everywhere in life. You can read our previous post about hidden fees when you travel to see just how far spread they go. It’s hard to save money to pay down debt when hidden fees are constantly popping up in your account, so make sure you’re hyper-aware of all your credit card and bank account details. Even quickly skimming through your statements is a great way to catch any sneaky fees.

Have you been surprised by hidden fees before? What were they and how did you handle it? Let us know in the comments!

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