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When you think of a bank, you probably think of a place where you store your money, write out checks, as well as collect interest on your money.  Well, we have all seen the Bank of American headquarters, as well as Chase and more.  How the heck do they get all this money?  It’s simple!

Yes, while banks collect a lot of their money from interest based mortgages and loans, the banking industry makes billions from fees alone.  From overdrafts to stopping a check, let’s take a look at 4 awful fees that get rather annoying and how you can stop them.

#1 Stop check fee

Let’s say that you write a check and get nothing in return, or maybe you lose it.  If you want to stop your check, plan on paying $30 or so to stop it.   While it’s absurd to pay this much, the bank does have to go through a little trouble of stopping it.

While this is a hard one to avoid, I guess you’re going to have to keep your eyes close on your check writing.

#2 Overdraft fees

While there are new rules in place for your checking account and overdrafting, this can add up really fast.  What I don’t like is that you’re going to get charged per transaction.  Yes, so if you overdraft by $1, and make 3 $5 purchases, you can see a charge of $35 each on every transaction.  So those $15 purchases can now equal $100+.

To avoid this, try and watch your balance closely.  If something honestly happens and it never happened before, call up the bank and see if they will work with you.  Most of the time they will.

#3 ATM Fee

Let’s say that you need some cash but your bank’s ATM isn’t around.  You decide to go to the local bank that you’re not affiliated with.  Well, if you need cash, plan on paying an additional $3 – 5 to use it!

To avoid this, ask yourself if you really need the cash.  So many places today accept credit cards.  If possible, get cash back at a local grocery store.

#4 Minimum balance

Just about every checking / savings account out there has a minimum balance.  While your business accounts are going to be higher than usual, you’re going to find that you will have to keep X amount in your bank to avoid fees.

While it can be annoying, compare bank accounts around your town to see who has the lowest minimum balance.  Check online banks as well.

Fees will always be around and while many of them can be avoided, try your best to understand your bank’s rules.  Keep an eye out on your minimum balance, as well as know what you’re going to be charged for what.