Here’s an easy fix for your financial life: stop wasting your money on monthly bank fees. As you may well know, banks like Wells Fargo, Chase, and Citibank charge monthly service fees for certain accounts and services. Generally there are many ways to avoid these monthly fees, in your personal banking as well as your business banking, and gain more financial freedom.
Here are a few steps you can easily take to eliminate monthly fees:
- Open your statements to make sure you are not being charged. You might be surprised.
- Call your bank and find out how to avoid those fees. Some banks require a regular deposit of monthly income in order to waive fees. Others ask for a minimum balance. Find out what your requirements are and make sure you will no longer be charged.
- Consider your local credit union. Local credit unions may offer incentives to joining them such as a lack of fees. They may also offer higher interest rates on deposited funds and financial involvement with projects that improve your local community.
For example, one of the credit unions in my area partners with an organization that provides financial support and bilingual assistance to startups and small businesses run by low-income and minority entrepreneurs. If you’re looking to align your money with your values, your local credit union is a good place to start. If this interests you, you might enjoy this video on breaking up with big banks.
In addition to credit unions, there are many other banks that offer sign-up bonuses and higher interest rates. Doing a little research is worth it! Here are a few links that compare features of the best current banking offers in 2018 (1, 2, 3).