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How To Avoid Bank Fees

Alexis Raskin

If you’re looking to find how to avoid banking fees, then look no further. To save money while you bank, it's important to find which banks disregard monthly fees, maintenance fees, and ATM fees. We hope to simplify some of the research for you by showing you how to best avoid bank fees.

Avoid Maintenance Fees

To best avoid bank fees, try to avoid brick-and-mortar banks. There are several online free banks where this is possible.

Online banks issue its banknotes without regulations beyond those applicable to most common enterprises. There is no role at all for a central bank here, which is often a beneficial way to avoid maintenance fees. Central banking in recent years have come to be seen as unnecessary because of these avoidable fees.

Avoid Investment Fees

Investments fees will also accumulate from central banks. While traditional financial advisors from brick-and-mortar banks will charge anywhere from 1% to 3% of your portfolio, robo-advisors are essentially free. You can get fees as low as 0.15%, which is significantly lower.

Avoid ATM Fees

ATM fees can often accumulate over time, and if you’re not careful the wrong checking account will penalize you for using out of network ATMs. That’s why we recommend MoneyLion, with zero ATM fees, and available through 55,000 fee-free ATM’s across the globe. Most will be part of an ATM network with thousands of easily acceptable ATMs across the globe. These ATMS can also be located through your mobile device.

Avoid International Fees

If you’re someone who loves to travel, or is always jetting off for work, then it's essential you avoid international banking fees. You need a bank that offers no foreign transaction fees for using your debit card overseas, otherwise those international fees will rack up.

Charles Schwab (NYSE: SCHW) Bank’s High Yield Investor Checking is a great option if this sounds like you. Schwab is a traditional bank, but has a mobile bank option as well, with mobile checking deposits compatible with Apple Pay and Google Pay.

Avoid Security Fees

Again, online banking can be the answer to avoiding bank fees. Many people are hesitant to go ahead with online banking because of a fear that their smartphones or tablets could be easily hacked.

If you're downloading applications from the App store, then they are trustworthy. If you keep your device up to date and familiarize yourself with the App’s security features the chances of your money being stolen are quite low.

Use technology to your advantage with features such as two-factor authentication, and your thumbprint verification. Fingerprint and facial recognition will not only help keep you and your banking service safe from online hackers, but it will do so at a significantly lower cost than paying security fees to a real brick and mortar bank.

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