Do Not Pay These Bank Fees

21 Oct 2022 · 1 min

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0:58

In this concise consumer‑finance video, the speaker warns viewers that banks generate billions in revenue from avoidable fees and outlines four common charges that can be eliminated or reduced. He cites a 2019 CFPB figure of $15.47 billion in overdraft and non‑sufficient‑funds revenue, then details: (1) monthly maintenance or service fees, which can often be waived by keeping a minimum balance; (2) out‑of‑network ATM fees, which can be minimized by withdrawing larger amounts less frequently; (3) overdraft fees, typically around $35, which can be avoided by setting low‑balance alerts; and (4) paper statement fees, which can be eliminated by switching to electronic statements. The overall message is a practical, no‑nonsense call to audit one’s bank account and take simple steps to stop paying unnecessary fees.

Chapters

Do not pay these bank fees. Seriously, that wasn't sarcasm. Banks make billions of dollars off of fees which you should not be paying. For instance, in 2019 alone, the Consumer Finance Protection Bureau says that overdraft and non-sufficient funds revenue created $15.47 billion. Number 1 is monthly maintenance or service fees. Find out if yours does, and if they do, it can be waived if you maintain a certain minimum amount in the account. Next, out-of-network ATM fees. If you have to go out of your bank network to withdraw money. Withdraw enough so that you only have to do it once. Overdraft fees, when you don't have enough money in your account, these are extremely high, somewhere around $35. Set alert notifications for when your account gets low, then you'll get a text or an email telling you that you need to put more money in the bank. Paper statement fees, some banks charge you for sending you a paper statement. If you're someone who doesn't read these and doesn't use them, go online and change your account to send you an online statement.