How long has it been since you’ve revised your checking account policy? If you can’t even remember the year, it’s possible that you’ve already forgotten its exact terms, and you may be charged with many unexpected fees. Here you will find some tips to save money on checking accounts' possible fees. Plus, check out the most suitable and cheap small business accounts.
Once you’ve forgotten how much of the money you’re paying belongs to which aspects of your checking account, it’s easier to end up paying more than what you need to. It’s recommended to regularly check the terms on your account, so as to make sure you know what you’re being charged with.
This can help you reduce the costs because you’ll have a better understanding of the money you’re spending and you’ll be in a better position to cut back on unnecessary costs. Some of these can be certain fees, which you’re currently paying because of small and easily avoided mistakes.
Reviewing your policy is an additional first step to save money with your checking account!
Most of the fees that you can be charged with are a result of not meeting certain requirements. The key is knowing which these are and see if the reasons why you haven’t met them are avoidable or not.
For example, you can be paying for a monthly fee for not keeping a minimum of money in your account. It’s possible that you have enough money to meet this requirement, but you didn’t because you forgot it existed. There are many fees, like this one, that you could avoid paying and save money.
In this article, you can learn the difference between checking and savings account, as well as the existence of some of the most common fees from the first one. You’ll be looking at ATM fees, overdraft fees, foreign transaction fees, and more.
How can you avoid these fees? You can review your statement and try to meet the requirements or simply choose a different checking account whose requirements (or lack of) suit you better. To avoid ATM surcharge, go for a bank with many branches and ATMs near your location. If you’re looking for no-fee checking, this is very common in online banks. Do your research and reduce the costs of your checking account fees!
BONUS TRACK: DON'T PAY MAINTENANCE FEES ON THESE SMALL BUSINESS CHECKING ACCOUNTS
1. Citizens Bank Clearly Better Business Checking
If you live or work on the East Coast, you’ll benefit a lot from this account. There’s a low minimum opening deposit of $100 and no monthly maintenance fees. You can enjoy a high transaction limit each month, up to 200 items, and nice overdraft options. On the flip side, there are no APY offers and a $0.50 fee for every item after you’ve reached the monthly transaction limit.
2. Axos Bank Basic Business Checking
This company offers an application option that’s completely made online. You’ll also get the possibility of remote deposits and no monthly maintenance fee. There’s no interest and you need $1,000 to open the account, but you’ll get a transaction limit as high as the last option: 200 items, after which there’s a fee of only $0.30 per item.
3. Huntington Bank Unlimited Business Checking
If you need to make frequent transactions, you should check this option that offers no limits for it. While there’s a $20 monthly maintenance fee, it can be waived if you keep an average balance of at least $10,000. You won’t get any APY, but its interesting perks may convince you. These include discounts on payroll services and more benefits.
4. TIAA Bank Business Checking
This option has a wide offer of mobile-friendly features that can make your experience very enjoyable. There’s a minimum deposit of $1,500 and a $14,95 maintenance fee each month, but the latter can be avoided with a minimum $5,000 daily balance. The transaction limit is 200 items, after which there’s a $0.25 fee per item.
5. NBKC Business Checking Account
You can easily deposit checks from this option’s mobile banking app while profiting from its wide ATMs network. There are no monthly maintenance or transaction fees, although you won’t enjoy any APY benefits. If you’re looking for a checking account without any minimum balance requirements, though, this is it!
If you own a small business, there are other things you’ll have to be aware of. For example, you need to avoid grant scams and get a Business Credit Card. These two can help your business grow without heavy bumps on the road. Additionally, check these 3 things you need to know about retirement accounts!