HOW TO AVOID BANK FEES

 AVOIDING BANK FEES

HOW TO AVOID BANK FEES

Sometimes many of us face the fear of check bounce, which results in huge charges including overdraft charges and bounced check charges with the bank. The fee charged by the institution receiving the cheque is not mentioned. 

This article is designed to help you avoid the charges that are commonly associated with bouncing checks. It's important that you keep a constant eye on everything that goes in and out of your checking account.

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It's important to update your registration every time you do something with your checking account. This is true with every check that is drawn through an ATM machine, if your debit card is used for your purchases, or if you use it as a direct payment method for our account. Whenever you perform these activities and there is no exact amount in your checking account; As a result, your account will be overdone.

When this happens, your bank has a few options, they can pay off the outstanding amount even if you don't have the correct amount in your account. If they choose this option, you will be charged an overdraft fee. Your bank can only return a check marked as NSF (non-sufficient funds) without paying a single penny, then you will be charged for bouncing the check with the bank as well as the merchant.

To avoid these charges, make sure you are consistent in your register, make sure you write them down with every check, withdrawal, or purchase, including any charges associated with these activities. Keep your register in balance at all times, this will help you be sure of what you do and don't do.

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Also, make sure you always keep track of any online payments and direct debit payments you may make for utility payments or other types of expenses. When you receive your statements every month, always keep a balance and review them with your register. This will help you to know which checks are still there or which have not been cleared.

If you make a mistake, you should immediately deposit the appropriate amount into your account to try to avoid additional fees. In addition, you can help with these charges if you have a savings account linked directly to your checking account to help cover such incidents. 

You can apply for credit with your bank to set the overdraft limit; This allows the bank to give you the loan you would need for a bounced check or overdraft.

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