KNOXVILLE, Tenn. (WATE) — It starts with a $10 charge here, maybe a $5 fee there. Soon, your bank is taking your hard-earned money, and you may not even know it. Withdrawal fees, overdraft fees, maintenance fees, you name it. If it goes overlooked, it can be a slow drain of your money that you don’t want to lose.
“If you really get oblivious to it and you keep making those drafts, those fees can mount up pretty quickly,” said Mark Pancratz of Axiom Wealth Management.
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For starters, avoid the monthly maintenance fee. Banks can charge money just for keeping your account open. Banks can charge from as little as $4 to north of $30. To dodge this fee, make sure you stay above your bank’s minimum balance requirement.
Next, avoid those ‘overdraft’ fees. You can opt out of overdraft protection, and your card may be declined at the register, but you won’t be hit with a fee. Fixing this can be as simple as checking your bank’s app on your phone…