SOURCE: Kasasa

Kasasa

October 29, 2013 08:00 ET

Three Mistakes You're Making at the Bank

AUSTIN, TX--(Marketwired - Oct 29, 2013) - Escaping fees at the bank is harder than ever, according to Bankrate.com's 2013 Checking Survey, which reported that banking fees have been on the rise for the last fifteen years. In light of this data, Kasasa®, a hub for free rewards checking and savings accounts from community banks and credit unions nationwide, has released a list of three common mistakes people are making at the bank and how to avoid them.

1. Spending Money on ATM Fees
 
ATM fees are at an all-time high. People are now paying, on average, $4.13 for using an ATM outside of their bank's network, according to Bankrate.com. Americans can access their cash without losing money by banking with an institution that refunds fees for out of network ATM use anywhere in the U.S.
2. Getting Dinged for Not Maintaining a Minimum Balance
Banks are taking their minimum balance requirements seriously. Not only can you be charged a fee for letting your account balance drop below a specified amount, but some banks are even stipulating a "minimum daily balance," "minimum combined balance" or even an "average monthly balance" on checking accounts. To avoid a lot of hassle, math and extra fees, you should look for a checking account without any form of minimum balance requirements.
3. Paying a Service Fee for a Checking Account
Free checking still exists; you just have to know where to look to find it. While Money-Rates.com reports the overall average monthly service fee is $12.43, many community banks and credit unions nationwide offer checking accounts with no monthly service fee.

"Saving money on ongoing expenses, like banking, can make a big difference in the long run," says Gabe Krajicek, CEO behind Kasasa.com. "For instance, by cutting the cost of a monthly maintenance fee at a big bank and switching to a community bank or credit union with a free checking option, you'll save nearly $150 on average per year. Once you realize how much money you can save by making a few simple changes at the bank, you'll never pay another unnecessary bank fee again."

Consumers looking to save money by avoiding these three common banking mistakes can find accounts that include all of these benefits and more on www.kasasa.com, a resource featuring over 700 community bank and credit union branch locations nationwide, with more being added every week. Many of the Kasasa Cash® checking accounts featured offer interest rates from 2.00-4.00 percent APY which is 50 times higher than the national average of 0.04 percent APY, as reported by FDIC.gov.

Do you Kasasa?®
Kasasa is a national brand of the most innovative free checking and saving accounts available today. Offered exclusively by select community banks and credit unions around the nation, Kasasa accounts are the first to reward account holders for using their accounts with what they want most -- high interest, cash back, automatic savings, money to donate to charity, or digital downloads. Developed and distributed by BancVue®, Kasasa marries innovative banking products with the personal touch of community financial institutions. For more information, visit www.Kasasa.com.

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