How can I easily avoid fees?

Saving money can be difficult as it is, but hidden bank fees can make this goal even harder. It can be something as small as using an ATM that isn’t affiliated with your own bank, but these fees can really add up.

We’ve gathered a few of the most common fees that you can easily avoid to help you save more money each month. Here are some ways to easily avoid unnecessary bank fees.


Most ATMs that aren’t affiliated with your personal bank will charge up to $4 per transaction. It’s always good to do a bit of research to see if where you’re going takes debit, credit, or is a cash-only establishment. Planning ahead and carrying cash with you will decrease your chances of needing to use an ATM at all.

Some banks also have apps that feature maps that show you where the closest ATM is. This way, you can plan ahead and take out cash by using an ATM that’s affiliated with your bank, saving you that $4.

Late payment

Considering the hustle and bustle of everyday life, it’s easy to forget to make a payment on a credit card. But if this happens often, interest rates can really put a dent in your bank account.

One foolproof way to ensure that you pay your bills on time is to set a reminder on your phone or computer at the end of every month (or whenever your bill is due). Sometimes we just need a little reminder to get back on track, and this is one of those cases.

Credit card

Different credit card companies offer different deals, with some offering very low interest rates and/or no annual fee. The best thing is to do some research before you commit to a specific credit card and compare and contrast what each company can offer you. Be sure to also read all the fine print before signing up to avoid any potential loopholes or hidden fees, in addition to the interest rates and annual fees.

Minimum balance

This one can be a little trickier if you have trouble maintaining a balance, as many banks require that a minimum of $2,000 to $5,000 is maintained in your bank account at any given time. Going under this minimum balance may result in a fee, which can range from $5 to $25 and can quickly add up in a year.

An effective way to help you better maintain that minimum is, in essence, through tricking yourself. For example, if your bank requires a $2,000 minimum, cushion your chequing or savings account with your emergency fund, matching that minimum. With your emergency fund doubling as that bank-required minimum (which, in theory, you wouldn’t spend unless there was an emergency), you’ll be able to waive that minimum balance fee.

Insufficient funds

Insufficient funds
If you’re also trying to maintain a minimum balance in your account in order to waive the fee associated with that, then you wouldn’t have to worry about getting dinged over having insufficient funds in your bank account. But, let’s say that your bank doesn’t have a minimum balance. This means that you won’t have that added incentive to ensure that you don’t spend over the amount you have in your account.

Beyond checking your balance occasionally or spending less overall, you can download bank apps or personal finance apps that will notify you when your account is low. This can save you up to $35 per returned item, in addition to the fee that the payee may charge you.

Little tips like this won’t only help you save some money, but will also prevent potentially compromising your credit score. Learn how bad credit can affect your life here.

In the event that you’re still having trouble maintaining a positive credit score, urLoan can help you rebuild your credit and regain financial health sooner through our loans. Our approvals are based on employment and verifiable income, unlike any other traditional means of credit score used by such institutions as banks, or taking security on your assets.

Learn more about how urLoan can help you with loans and call us at 1-855-723-5626.



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