How to Avoid Minimum Balance Fees
Use an online search engine., Compare banks with similar features., Visit banks in your area., Consider using an online bank., Negotiate to eliminate fees.
Step-by-Step Guide
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Step 1: Use an online search engine.
The first way to avoid paying minimum balance fees on any account you have is to put your money into a bank that does not charge any such fees.
You can search for banks, locally or nationally, using any of a variety of online search engines.
You can enter certain criteria that are important to you and receive information about banks that meet those conditions.
For example, at FindABetterBank.com, you can use their search feature to search for banks with no fees or limited fees.
The search feature will ask you a series of questions to establish which features are most important to you.
Based on your answers, it will generate a list of banks you may consider. -
Step 2: Compare banks with similar features.
Whenever you are considering a new bank, you should make sure that you are looking at the same group of features.
If you are considering two or more banks, and the features they offer are different, then you should consider the value of those features.
For example, you may be willing to pay some small fees for features that are important to you, such as unlimited ATM use.You should consider all the ways in which you use your bank before you begin your search.
Then rank the features in order of importance. , In addition to searching online, which will consider hundreds of banks across the country, you should search locally.
Either call or walk in to a local bank and ask to speak with an accounts manager.
In many cases, small local banks will offer better deals with fewer fees because they want to generate local business., Online banks are institutions that do not exist in a physical building.
They still offer many of the same services, such as storing your money, check writing, and even ATM use.
Because they do not have the same overhead costs as a physical bank, they can afford to charge fewer fees for the same services.The website MyBankTracker.com provides a list of online banks and reviews of their services., When you open an account with a bank, you should speak with an account manager about eliminating minimum balance fees.
At a smaller bank, that is trying to attract your business, the manager may be able to help you with these fees.
If you have a good credit record, without a history of overdrawing your accounts, you may be able to encourage the bank to do away with these fees. -
Step 3: Visit banks in your area.
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Step 4: Consider using an online bank.
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Step 5: Negotiate to eliminate fees.
Detailed Guide
The first way to avoid paying minimum balance fees on any account you have is to put your money into a bank that does not charge any such fees.
You can search for banks, locally or nationally, using any of a variety of online search engines.
You can enter certain criteria that are important to you and receive information about banks that meet those conditions.
For example, at FindABetterBank.com, you can use their search feature to search for banks with no fees or limited fees.
The search feature will ask you a series of questions to establish which features are most important to you.
Based on your answers, it will generate a list of banks you may consider.
Whenever you are considering a new bank, you should make sure that you are looking at the same group of features.
If you are considering two or more banks, and the features they offer are different, then you should consider the value of those features.
For example, you may be willing to pay some small fees for features that are important to you, such as unlimited ATM use.You should consider all the ways in which you use your bank before you begin your search.
Then rank the features in order of importance. , In addition to searching online, which will consider hundreds of banks across the country, you should search locally.
Either call or walk in to a local bank and ask to speak with an accounts manager.
In many cases, small local banks will offer better deals with fewer fees because they want to generate local business., Online banks are institutions that do not exist in a physical building.
They still offer many of the same services, such as storing your money, check writing, and even ATM use.
Because they do not have the same overhead costs as a physical bank, they can afford to charge fewer fees for the same services.The website MyBankTracker.com provides a list of online banks and reviews of their services., When you open an account with a bank, you should speak with an account manager about eliminating minimum balance fees.
At a smaller bank, that is trying to attract your business, the manager may be able to help you with these fees.
If you have a good credit record, without a history of overdrawing your accounts, you may be able to encourage the bank to do away with these fees.
About the Author
Debra Tucker
Experienced content creator specializing in crafts guides and tutorials.
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