008 | Avoid Bank Fees at All Cost

 

Bank Fees and fees generally are the financial equivalent of death by a thousand cuts. AVOID THEM – Here's how

  • Don’t piss off the accountant: Bank Fees
  • Americans spent $32 Billion in overdraft fees in 2016
  • Bank accounts and credit cards should be financial tools you use for free
  • Overdraft fees mean you have no money and the bank is loaning you money for $35 at a time
  • If you don’t have $1,000 in savings you have an emergency
  • Jonathan had one overdraft in 2016 but his system for putting it on a credit card avoided a fee
  • One fee leads to another. Come up with an action plan to avoid them
  • If you get hit with a fee, call your bank to ask them to waive it
  • If you threaten to leave your bank over a fee, they will almost always waive it
  • Determine if you need a local branch for your bank to save more money
  • If you’re getting hit with any fees, you need to sit down with your banker to come up with a plan

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3 Replies to “008 | Avoid Bank Fees at All Cost”

  1. We defently dislike fees, How we gain $1700 per year by opening 5 to 6 checking/ saving accounts and ones we receive the bones $$$ and we immediately close the accounts and after 365 days we go and open new accounts.

    Keep up the awesome work with your podcast.
    Blessings ,
    TM

  2. Great podcast. It’s so common sense, but I learned a couple of great tips. Usaa not charging for atms and refunding up to 15$ a month and the charge instead of overdraft also by usaa. Thank you guys so much for this. Also, I find lists your podcasts keeps me in the right frame of mind. Great karma guys!

  3. I am not sure if this is a widely known tip or hack but, I usually go to the grocery store to get cash. My bank doesn’t charge a draft when I get money that way. The grocery store I use lets you take out up to 300 on some of the registers.

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