A resolution to avoid bank fees

As the ball drop for the beginning of 2012 approaches, I’m sure you’re making plenty of lists of what you want to accomplish in the New Year, and I have one more resolution to add to your list: avoid bank fees. Now, I know that this goal might not seem that easy with all the news of checking account fees popping up at institutions around the country, but it is possible.

How, you ask? Well, here’s a step-by-step outline for examining your spending and saving habits and avoiding bank fees.

1) Look at your bank’s fee structure.

If you opened your checking account a long time ago, chances are that your account terms have changed. Use the beginning of the year to determine if you need a higher minimum balance in your account in order to avoid fees. Also, check to see if you need to sign up for direct deposit or online bill pay, which are two provisions that help many account holders have fee-friendly banking relationships.

2) Analyze your ATM habits.

If you’ve taken cash out via an out-of-your-banking-network ATM one time, that’s one time too many. ATM fees keep rising (they’re one of the easiest ways that banks make money), and customers typically incur these fees twice each time they need some extra cash. The owner of the ATM will charge you, and your own bank will charge you, too. Instead of adding those fees to your account statement, go to a grocery store and select the “cash-back” option with your debit card.

3) Take a look around the banking world.

The banking industry has changed so much within the past few years. With online-only banks, the Internet has transformed the way that many people manage their money – and the way they deal with fees. Some Internet banks have pretty enticing traits, including no minimum balance requirements and ATM fee reimbursement.

What kind of banking resolutions are you making for 2012?