We’re carrying less cash these days. That means we’re actually relying on our bank more than ever. Still working? Receiving Social Security? That money goes directly into your bank account. Most of us are also paying our bill through the bank or other forms of online payments, so you need to ensure your bank is working for you.
Most banks charge a monthly maintenance fee. The average is $12/month. You may be able to get that fee waived if you keep a minimum balance (the average minimum balance for fees to be waived is $540). If you’re paying more than that, you may want to look for a new bank or talk with current bank about other types of accounts they may have that would lower or eliminate your fees.
