The recession has made banks suffer upon investment and loan fees and now they’re making up for that by hiking their non-interest fees and charges. To your dismay, let me tell you that there’s still a long time before you can expect to see any changes in this situation. Banks do say that you can avoid these fees if you please them in a couple of ways and that is pay all your bills on time and don’t spend when your funds are very low. Form your end, you could always avoid all these high fees by indeed following the above two conditions strictly.

Making late payments will always invite service charges. Overdrafts and insufficient funds (such as NSF) also invite a lot of charges. Increasing interest rates also invite higher charges. If you observe America is getting new financial norms which are making banks and other financial aiding institutions to save up their monetary resources and for this, they’ll try to grab as much as they can from their customers. Federal laws, making them stop charging unnecessary fees will come into effect soon. As these funding bodies know that they’ve got to stop charging these fees, they are trying to make up for their decreased income in future by raising them at present.  According to Bankrate.com, unnecessary penalty fees will be stopped or lowered by the banks in the future in compliance with the Federal law. You can rejoice then, but at present, you’ve got to put up with unnecessary bank rates. So you’d better be watchful.

Avoiding all these unnecessary charges not only saves you a lot of money but also puts you into a disciplined way of managing your finances which will ultimately contribute to your financial prosperity. A check bounce is an instance of carelessness. Why do you want to issue checks for a date on which you are probably not going to have enough money for withdrawal in your account? This will not only make you pay a penalty but also show poor credibility. Before issuing a check see to it that you have sufficient balance in your account.

Don’t draw heavy amounts on your debit card when you have insufficient balance in your account. Also try to use ATM cards of the same bank from which you want to withdraw money. For making transactions using the ATM card of another bank, you’ll naturally have to pay up the additional service charges. Don’t ever do careless banking.  Unfortunately seems to have risen through the year according to a survey conducted by Bankrate.com in August.

Here are some tips from Laura Bruce of Bankrate.com that you can try for avoiding fees:

• Keep yourself updated on options by visiting the website of your bank frequently.
• Select check schemes that have only features that are useful for you
• As mentioned earlier keep sufficient balance in your account to avoid check bounce.
• Always try to withdraw cash from ATM’s of the same bank and not any other as you’ll be charged fees in that case.