Banking Fees often do not seem like a lot, but they can add up quickly. The good thing? They’re easily avoidable. Find out how.
Why Banking Fees?
A checking account is the core of your personal finances. For most people, your regular income and expenses pass through a checking account. In many ways, it is like your personal finance headquarters, with other financial accounts linking to this account for transfers.
Some banks charge a fee just to have an account. These monthly maintenance fees are an automatic feature and dependent on what services you sign up for. For most, that kind of fee will more than eat up any interest you earn throughout the year.
The fees may not seem like a lot, but they can add up quickly. However, they’re easily avoidable, and they don’t provide any benefit to you — it’s money completely gone down the drain. But everyone can actually get rid of these fees with just a little effort. It is one of the first steps you should take to get your finances in order.
Avoid Overdraft Fees
Overdraft fees are probably the most notorious of bank fees. Sometimes, you just don’t realize how much money is in your account and you make a payment that sends you into the negative. So naturally, the banks charge you money for not having enough money.
The simple solution? Stop overdrafting and learn to manage your money better. The Analysis Feature of Numbrs can support you keeping your budgets. Easily set up a budget within the app and be alerted when your budget is almost exceeded. That way you can avoid overspending.
Avoid ATM Fees
ATM fees are pretty well known, but that doesn’t make them any less annoying. If you use an ATM not owned by your bank, you will be charged a fee by both your bank and the ATM company.
If you use ATMs a lot, this can add up pretty quickly. There are plenty of banks that will refund all your ATM fees, so it’s like you never paid them. Switch to one of those and you’ll never worry about ATM fees again.
Avoid Paper Statement Fees
It might seem ridiculous, but a number of banks charge you for printed paper statements. Get rid of those fees by using the Numbrs Timeline function. On your timeline you can stay on-top of all your incoming and outgoing transactions. Additionally you can check your latest bank account balance and control all details of your transactions made.
Avoid Maintenance Fees
For many years, free and no-fee checking accounts were a given. But over time, banks have slowly eliminated no-fee checking accounts. Instead, checking accounts might charge monthly maintenance fees if you don’t meet specific requirements. And for most people, those fees are completely worthless and avoidable.The Money Store offers you a selection of fee free accounts to choose from.
If you want an easy-to-use, no-fee checking account, we offer you this month the norisbank Top-Giro Account. This banking account is simple to use and does not charge any fees for regular checking account activities, account maintenance, or ATM service. Apply for the account within the Money Store and get a 150€ Bonus.
Banks love fees and even when you know about them, it’s hard to track them sometimes. Be aware and get notified when fees occur. Numbrs will give you a breakdown of your monthly fees, to make it easy for you to monitor. When a new fee appears, you’ll know what to do and make sure it doesn’t happen again.