How to avoid bank fees

It is likely banks will continue to come up with new ways to recoup money.   And for consumers that could mean more fees.

Consumer group Angie's List offers these tips on avoiding bank fees:
 
·    Read your statements: Take the time to thoroughly read your bank statements when they arrive. Look for new fees and other changes. Ask your bank what is needed to avoid monthly fees.
·    Go paperless: Some banks charge a fee to send a statement in the mail.
·    Set up an alert: Sign up for email or text alert that will notify you if you are about to fall below a balance threshold or incur a penalty fee.
·    Non-sufficient funds (NSF): Keep track of your transactions to avoid overdrawing from your account. Banks have made it easy by allowing consumers to access their account online. Some even offer mobile banking on cell phones.
·    Beware of ATM fees: Use only ATM's in your network or a bank that reimburses ATM fees. Some retailers also allow you to select cash back when you make purchases.
·    Direct deposit enrollment: Most checking accounts are free when you enroll in direct deposit.
·    Maintaining a minimum balance: Some accounts require a minimum balance. Know what your minimum balance is and maintain that to avoid paying a fee.
·    Find a new financial institution: If you are not happy with your bank, it's best to shop around to find a new one.

Angie's List Tips for finding the right financial institution for you:
·    Determine your needs: Ask yourself about your financial goals in order to help determine what services a bank can offer you. Do you want free checking? Convenient ATMS?
·    Shop around: Check out various banks and credit unions to find a place that meets your criteria. Compare fees, services, and bank locations.
·    Keep it open: If you choose a new financial institution, do not close an account before opening a new one. It's important that all your transactions have cleared in your existing account.