Many people are appalled at the fact that large banks are making roughly $38 billion a year, yet still continue to pile on the fees for its members. In order to avoid losing money to these corporate giants, it’s time to defend yourself against bank bullying and use the system against them. Here are some suggestions on how.

1. Simplify your accounts. Make things easier on yourself by simplifying your accounts and then you will have more control over your financial accounts. It will be much easier to keep track of payments, incoming funds, etc. if you have one account where every payment originates and where you deposit most of your incoming funds. One payment method will be less confusing and leave less room for error on your part.
2. Go paperless. By making everything electronic, managing your finances will be much easier. You will no longer need to calculate your finances in your head and all your bills can be done as they come. You can even schedule online bill pay to make sure the payments go out on time every month so you don’t get late fees.
3. Know your bank balance: Estimating how much you have in your bank account can cause you to accidentally overdraw funds, which can prove really costly. Overdraft fees can pile up quickly, especially if you make several transactions without sufficient funds in your account. Don’t try to move your money around from bank account to bank account either; banks tend to charge fees for moving too much money to other accounts.
4. Schedule your ATM withdrawals: If you like to use cash, it will require a little extra planning to make sure you don’t wind up paying withdrawal fees or incur charges from an ATM that’s out of network. If you want the flexibility of being able to get cash anytime and anywhere, then try switching to a bank that will refund ATM fees. Research your options; there are a few out there.
5. Switch to an online savings account: As far as interest rates go and making money, a traditional savings account may not be the best option. Look into getting an online savings account instead of using a traditional account. Online savings accounts are likely to have better, higher interest rates and some of the best high-yield online savings account rates available.

It’s time to stop paying unnecessary fees for just having an account with a bank. There are plenty of options out there that are feasible with a higher payoff than tradition brick-and-mortar banks. If the bank doesn’t offer anything worth your while, then switch- there is something better for you elsewhere.

About the author:

Compass Technologies is the company behind Kwik-Loan consumer finance software and Kwik-Dealer indirect lending software.