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June 16, 2021
By: Team, Tech CU Team, Technology Credit Union
Nothing puts a damper on your financial efforts like bank fees. It’s painful to see your money whittled away by fees of all kinds, especially hidden fees that make you feel like you’re caught in a game of “gotcha.”
Often, these fees feel unnecessary or arbitrary. Taken together and over time, fees chip away at the money you have worked so hard to earn.
Look for financial institutions that keep things simple by being transparent and keeping fees to a minimum. For example, credit unions are not-for-profit organizations that re-invest in their customers (i.e., members) through great rates and low or no fees!
Here is a list of fees you don’t need to be paying:
ATM fees. Some financial institutions may charge around $3-$4 for servicing persons using unaffiliated bank cards. Some ATMs will even charge you a few bucks just to view your account balance! Find a financial partner with broad access to free ATMs.
Minimum daily balance fees. Yes, some financial institutions will charge you every time your balance falls below a certain level, even if there’s still money in the account! When choosing a banking institution, try to find one with checking or savings account options that don’t have these fees—no strings attached. That means no minimum daily balance requirement, no direct deposit requirement, and no minimum balance fee. Period.
Excess transaction fees. Some banks will charge you anywhere from $3-$20 per transaction after a certain number of withdrawals. Find a financial partner who respects your money and doesn’t penalize you for making too many transactions.
Overdraft fees. In some cases, a bank may charge you around $35 for attempting to make a transaction without the necessary money in your account. This charge can add up quickly. Look for accounts that offer overdraft protection for a modest fee, or be sure to link your account to an overdraft source to preempt a fee-incurring situation.
IRA savings fees. Are you saving for retirement? Look for financial institutions that don’t charge a maintenance fee.
Early account closure fees. Some banks may charge you upwards of $50 for closing an account shortly after opening it. This means, if you change your mind about a financial product or an institution, you may be hit with fees. Make sure to read the fine print before opening an account.
Want to live with fewer fees? Becoming a member of Tech CU can be a simple but meaningful way to avoid many of the fees that are commonplace at other financial institutions, including banks. It is important to remember that banks are for-profit businesses that operate for the good of their investors, while credit unions are not-for-profit organizations owned by their members; this translates into better rates and fewer, lower fees. See how we compare to big-name banks.
At Tech CU, we have been dedicated to serving our members for over 60 years, existing solely for the benefit of our members. Our members have access to many fee-free products and services, such as our truly free Basic Checking accounts, 65,000 fee-free ATMs worldwide, and more. Won’t you join us? It only takes a few minutes to join up!
If you’d like assistance joining or would like to learn more about how Tech CU empowers its members to feel financially free, set up a Virtual Branch appointment to speak with a Tech CU financial professional from wherever you are.
Posted June 16, 2021 by Team