1Choose the Right Bank Account

Many banks will offer ‘”free checking” with plenty of benefits BUT only under certain conditions.

• Keep a certain minimum balance
• Limit the number of checks you can write
• Limit the number of transactions you can make

Decide what features are most important for you and review the fee schedule for several banks you are considering to make sure you’re getting the best fit for your circumstances.

2Credit Unions

Another option is to see if you qualify for a credit union. These are non-profit organizations that aren’t looking for every possible way to acquire profits from their own customers. Credit unions will usually offer completely free checking and generally have much lower banking fees than regular banks.

To find a credit Union near you, go to Credit Unions Online or National Credit Union Administration.

3Keep Track to Avoid Overdraft Fees

Another way to avoid bank fees is to follow your spending online to avoid unnecessary overdraft fees, even if you have to check your balance everyday.

You will be able to see what you have available to spend per day, whether you need to transfer funds form a another account or deposit more money. If you are close to being overdrawn, you may be able to salvage the situation before you’re hit with a bunch of extra bank charges.

Some banks offer an e-mail notification service for when a bank balance goes under a certain threshold.  Check with your bank (or a bank you are considering), to see if that is something you can implement with your online banking.

*Note that your current balance is different from available balance. Always plan your spending based on the available balance, as this takes into account any pending transactions that have yet to reflect in the current balance.

4Opt-Out of Overdraft Fees

The banks might lead you to believe that they are providing you with an invaluable service by allowing your checks and transactions to go through when you don’t have the available funds. In reality, this is just a way in which they can extort you for $20 -$30 for each minimal transaction in the red.

What many people don’t know is that you can actually opt-out of this service, meaning that when you have insufficient funds your card will simply be declined, and therefore will receive no overdraft fee. Ask at your bank about opting-out of your overdraft.

5Overdraft Protection

Overdraft protection means that if you have insufficient funds in your account to pay for a transaction, the money will then be automatically taken from your savings account or from a line of credit given at a fixed rate.

Overdraft protection will often require you to meet some terms and conditions, such as a minimal balance and a worthy credit rating.

6ATM Fees

ATM fees seem unfair. You get charged $2 - $3 for taking money from ATM machines out of your network, and you sometimes get charged by your own bank for not using their ATM machines.

There are a few ways to avoid this:

• Look for a local bank or credit union that participates in a surcharge free network. Some of these networks are: Allpoint, Co-op Financial, CU HERE Premium network and STAR, each of which boasts tens of thousands of networks nationwide.
• Sign up for an internet bank such as Bank of Internet or Everbank. These banks will reimburse your fees up to a specified amount (usually $6 - $7 a month). Better yet, try Metropolitan National Bank or Schwab Bank; two banks that will reimburse all your ATM fees no matter where in the world they are incurred.
• Instead of using the ATM machines, go to a supermarket or shop that offers cash back on purchases. Even if you buy a $1 candy bar, it will still be cheaper than the fees you would otherwise incur.
• Limit your need for trips to the ATM by taking out more money at a time.
• Some banks only operate within local areas and so if you travel a lot, open an account with one of the major banks so that you have more network ATM machines available to you.

7Buy Checks Elsewhere

When I recently opened a business bank account with a bank that shall remain nameless, I was shocked to discover that I was automatically charged $60 for a folder of business checks.

This prompted me to look into ways of avoiding this fee in future.

Now, whenever I need checks I order directly from these outside companies at a fraction of the cost that my bank would charge. You just choose the design you want, give them your banking details and enjoy the fact that you're saving money.

You can order these checks from VistaPrint, StylesChecks, or simply search Google.

8E-Statements

Some banks are starting to charge when they stil have to send out paper statements. The easy answer to avoiding this charge is simple: switch to e-statements.

Not only does this eliminate any fees, it is also more reliable and environmentally friendly. If you still need paper statements for whatever reason, you can print out the e-statement.

9Request a Refund

If there are bank fees that you deem to be unfair or a little over the top, you can often get a full or partial refund simply by requesting it, especially if you have been a loyal customer in the past.

Simply call your bank, request to speak to a supervisor and then plead your case. Tell them how long you have been a customer and how helpful it would be to you if they could give you a courtesy refund.

What Do You Think?

Do you have other tips to help people avoid those annoying bank fees?