4 tips to cut your monthly bank fees

Much of the country is still experiencing the worst of winter, with the savings of spring still far from reach. Although the official first day of spring isn’t until March 20, those who have the fortune of residing in sunnier climates, or simply want to get a head start in clearing expensive clutter, can start getting proactive about their financial spring cleaning plans.

GOBankingRates asked banking professionals to share their biggest tips for tackling bank fees, and hopefully save even more before spring hits.

1. Find Your Credit Union Champion

“Everyone can lower the fees they pay by joining their local credit union; many of them still have fee-free checking accounts,” said Tina Estes, assistant vice president of marketing at Ventura County Credit Union.

Much backlash regarding bank fees has centered on the steep checking account fees charged by big banks. Larger, national financial institutions cater to the whims of external shareholders, which can hurt customers on a tight budget.

The credit unions that Estes referred to, on the other hand, are nonprofit financial cooperatives that focus on returning profits to their members — who are also partial shareholders — in the form of competitive interest rates, exceptional customer service and low or no maintenance fees.

2. Take Advantage of Debit Card Rewards

“Checking accounts are a basic need, and they should be free,” said Kyle Kolsky, SVP head of consumer deposits at Bank X. “Consumers should also earn rewards when using their debit cards — that’s what Bank X is all about: modern banking that complements everyday life.”

Big banks might have done away with cash-back debit card rewards programs, but a new market has opened up for customers who want more just by going about their normal, everyday routines. Financial institutions like Bank X not only offer checking products without fees, but also give customers added perks like cash back when using their debit cards for purchases.

At the end of the month, Bank X customers get a small cash-back bonus that is deposited directly into their X Checking accounts. Finding cash back offers like this makes it easy to save more money and dodge pesky bank fees entirely.

3. Browse Your Bank’s Fee Reference

“When shopping for a financial institution, it is important to know the fees that are associated with their accounts and services. Start by looking for a ‘fee’ or ‘service charge’ schedule on its website,” said a Visions Federal Credit Union representative. “Review the list of items and consider if any of these will impact you and your day-to-day finances.”

When opening a new savings or checking account, all customers are given a pamphlet with the account terms and conditions, including any bank fees that might apply in the event of an overdraft, out-of-network ATM withdrawal or even a monthly service charge. But not everyone likes to sit down and mull over fine print.

Taking Visions Federal Credit Union’s advice of performing regular check-ins with your bank account’s fee terms can help ensure you’re always aware of fee increases as they arise. Keep an eye out for an all-encompassing web page that lists all the possible fees your institution could hold you accountable for, and bookmark it on your web browser for easy reference.

4. Plead Your Case

“Let’s face it – sometimes bad things just happen. Those are times when bankers have the chance to truly demonstrate what they mean by ‘customer service,’” said Warren Taylor, president of community banking for Customers Bank. “In such trying times, customers need to know that their banks will be there to help them, not increase the pain. Consumers should try to talk directly with their bankers, explain their circumstances and see what provisions can be worked out.”

Whether it’s an ATM fee or an overdraft charge that was applied to your bank account, there’s nothing wrong with contacting your bank or credit union directly to see what can be done based on your unique challenges. Financial institutions should be working for you, instead of against you; so, pick up the phone or make an in-person visit to your local branch to explain your stance and fully understand the options available to you.

These are just a few helpful ways to lower how much you spend on costly bank fees and keep your bank account free of cumbersome charges.