Out-of-network ATMs
If you thought using an ATM to take out your cash was free of charge, guess again. “The average fee for using an ATM not associated with your bank is over $4! With a little pre-planning, ATM fees are completely avoidable. Your bank may have an app that lets you map out ATMs without fees. You can also search around for another bank that does not have out-of-network fees,” says Tony Drake, a certified financial planner, CEO and founder of WealthWisconsin.com.
Say goodbye to annual fees
Speaking of money secrets, if you want to avoid paying hidden annual bank fees, here’s what Smith says you should do: “Annual fees vary, so consult a banker to find out how you can avoid paying the annual fee. Depending on the company, you might be able to open a savings account alongside the checking account to steer clear of fees.”
Remittance rip-offs
Remittances are known to have the most hidden fees that can rarely be avoided. “Immigrant workers who most often send remittances, have been historically preyed upon and disadvantaged by financial services. They are forced to contend with high fees, unfair exchange rates, and an array of hidden costs just to send their hard-earned money to loved ones who desperately need it,” says Matt Oppenheimer, Co-founder and CEO of Remitly.
If you want to minimize your remittances, look for companies with “lower fees, fair exchange rates, and faster send times”, recommends Oppenheimer.
