Ilyce Glink appeared on the CBS Early Show and discussed ways to beat bank fees, like those debt card fees charged by Bank of America.
Bank of America recently announced it would charge a $5 fee to its customers for using debt cards, and other banks may soon follow their lead.
I’ve received a lot of questions about how to avoid bank fees and recently had the opportunity to address some of them on the CBS Early Show. Here’s some of the personal finance advice I gave live that early morning.
Here are some things to keep in mind when trying to beat bank fees and debt card fees:
- Less than half of the banks are offering a checking account that is truly “free”
- The average ATM fee ranges from $2.40 to $3.81, even if you are only withdrawing $10. Try to use one of your branch’s ATMs and take out enough money to avoid going back multiple times.
- Make sure you have enough money in your account to cover any checks you have written; the average fee for insufficient funds is nearly $31.
- If you’ve been with the same bank for a long time, leverage your loyalty when negotiating fees.
- Don’t forget about reputable online banks, credit unions and small local banks when looking for a place to put your money.