The secret costs of banking

If you want to save money, you will of course want to save money. You will want to evaluate every financial service and every expense – from your personal loans to your shoe buying habit. One thing you will want to investigate are the fees your bank charges you for your business. These costs can add up quickly.
ATM and ABM charges. If you use your bank’s ABM machines, you may be charged only a low fee but when you use public ATMs, you are likely paying a fee and being charged an additional fee by your bank. In some cases, a single cash withdrawal can cost $4 or $5. Try using your bank’s ABMs and take out more cash if you have to, in order to avoid paying high convenience charges.

Frequent use charges. Read the fine print of your agreement with your bank. It is possible that your bank charges you extra if you use debit, ATMs or other services more than a specific number of times. If you’re regularly getting these charges each month, change accounts or your habits.
Service charges. If you walk into a bank and need a service – such as a check printed or a money transfer – you are likely paying a flat fee for each service you need. Some services – such as money orders – can be easily purchased elsewhere (such as the post office) for less than your bank charges.

Overdraft charges. If a check bounces or you drop below $0 on your bank account, you can expect hefty fees from your bank.
Bank fees. In addition to all the fees above, most banks charge you a set amount of money per month for every account you have. It pays to shop around to find a bank account with extra features and reasonable fees.

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