Five Ways to Kick Bank Fees

When it comes to nickel-and-diming people, banks have a whole bag of fees. Forgot to update your address? Fee! Cashing in your coins? Fee! Lost your debit card? Fee! So how do you stop the banks from "feeing" you so much?

1. Try 100% online banking. Are you afraid of ATM fees? Ally promises "No ATM fees nationwide and we'll pay the fees other banks charge." Unlike traditional banks that spend big money in operating costs, Ally has no branches so they can afford to offer higher interest and fewer fees than traditional banks.

2. Sign up for text alerts. Avoid overdraft fees by knowing when your balance is running low. If you have a cellphone, you can get text messages with the information and even transfer money by texting BEFORE incurring an overdraft.

3. Get cash from big chain stores. Why pay ATM fees when you can get up to $50 when you pay with your debit card at establishments like Target, Walgreens, CVS and others? Just slide your debit card and select the cash back option, it's easy and free!

4. Check your balance daily. This action not only helps you prevent overdrafts and identity theft, but you'll also learn where your money goes.

5. Avoid multiple transfers. Because of FDIC rules, most savings accounts limit you to six monthly transfers before they charge fees.

6. Negotiate. Fees aren't written in stone, and as the bank customer, you have the right to request that the bank waive unfair fees.

7. Consider a credit union. These nonprofit cooperatives feature the benefit of generally higher interest rates for savings and checking accounts, while fees are usually lower compared to commercial banks. However, they don't necessarily offer as many services and their access to ATMs might be restricted. To find a credit union near you, visit the Credit Union National Association.

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