Avoid Bank Fees and Penalties

Losing money at the bank?

Stop losing money at the bank by educating yourself on penalties and fees! Don’t open more accounts than you can keep track of, and always read the fine print. Maintenance, overdraft, and sustained overdraft fees should not happen. Check your balance regularly – especially before spending money. Insufficient funds fees can be eliminated by setting up low balance alerts on a mobile banking app. Excessive withdrawal fees can be avoided by monitoring your usage. Wire transfers are expensive. Venmo or Zelle are cheaper payment options. Plan ahead so you don’t need to send money quickly. Avoid ATM fees by using your bank’s in-network machines. Their website should provide a directory of locations. Dormancy or inactivity fees occur when there’s no activity on an account over a period of time. This fee alerts customers to keep their accounts active.

Avoid early withdrawal penalties on CDs by keeping track of when you’ll need the funds. Look for no-penalty CDs, a high-yield savings account, or a money market account if you think you might need the money during a CD’s term. Early closeout fees can be charged when closing a new account too soon. Make sure you know how long an account must be open before opening the account. Or, take funds from a different one until the other threshold has been met. Jesus told his disciples, “Whoever can be trusted with very little can also be trusted with much…” (Luke 16:10) Stop losing money at the bank. Manage it well so it works for you.

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