How To Avoid Them (& What NOT To Do)

In this article, we will cover bank fees, why you get them, how to avoid them, & how to negotiate them.

It’s important to know how to properly optimize your accounts or you’ll end up paying fees & bank charges that can easily be avoided.

One of the biggest secrets to avoiding fees and properly using your account is talking to an actual customer service rep, either in person or on the phone.

Don’t Run Away Your Bank Fees (Fix Them)

Yes, nerds, you might actually have to pick up the phone. For some reason, half of my friends are afraid of talking to people on the phone.

I have a friend who recently lost his bank password and, for security reasons, had to call the bank to prove who he was. He turned into a Stockholm syndrome victim in front of my eyes, muttering, “It’s not that important. They’ re right. I’ll just wait until I go into the bank” over and over. He didn’t get his password for four months! What the hell is wrong with people?

You may not like to talk on the phone, but most of the special deals I’ll show you how to get require talking to someone in person or on the phone.

Avoiding Monthly Bank Fees

Maybe I’m too demanding, but if I’m lending a bank my money to re-lend out, I don’t believe I should have to pay them additional fees.

Think about it: If your Big Bank charges you a $5 monthly fee, that basically wipes out any interest you earn. This is why I’m fanatical about my savings and checking accounts having no fees of any kind, including monthly fees, charges, overdraft fees, or setup fees.

If you already have an account at a bank you like but they are charging a monthly fee, try to get them to waive it. They will often do this if you set up direct deposit, which lets your employer deposit your paycheck directly into your account every month.

Banks will also try to trick you by demanding “minimums,” which refer to minimum amounts you must have in your account to avoid fees…