Many businesses and retailers are constantly increasing their prices and fees for customers that choose to do business with them. One of the businesses that are increasing some of their charges and fees are banks. There are several ways that a person can avoid increased checking account fees.
1. A customer needs to have a conversation with the bank. It would be best if this is done when someone is in the process of opening an account. Questions should be asked about the stability of the fees and charges, but if this opportunity is missed, then a person needs to question when charges hit an account. Whether it be a fee for going under the minimum, or a charge for checking the balance, if any of these increase, there needs to be a conversation between the manager and the client. It may be that there was a mistake, and it may also be that all of the fees were increased.
2. If there is an increase in fees, and a customer thinks it is too much, they should threaten to take their business elsewhere. The problem lies in the fact that John Doe has been a customer at ABC Bank for fifty years and has always paid the same fees. One day, he receives a statement that the fees are doubling. That is not much of a statement of gratitude for his years as a client. Therefore, it would be better for John Doe to shop around and see if he can find some better options. If a bank will lose a customer over a fifty cent fee every month, then they are not interested in keeping their customers.
3. Shopping around is one of the best ways to avoid increased checking account fees. Although most banks have some kind of fees for carrying a checking account, there are some that have either very low charges, or they have none at all. These kinds of accounts may require a large amount to be kept in the bank at all times, but the charges and fees are very minimal, if any at all.
Banks are constantly looking for ways to make more money, just like any other business. However, as soon as they realize they are going to lose their faithful customers because of their greed, they may think twice.