Bank fees - No Fee Banking Accounts

With the introduction of bank account fees it has never been more important for the investor or borrower to do their research when choosing a bank or other form of financial institution that suits them. Finding the best banking product and service can potentially save money for the account holder in the long term. As mentioned previously, the banking industry has undergone many changes over the years. One of these changes include the review of bank fees and bank charges. The consumers main objective should be to totally reduce or eliminate bank fees and charges by looking for a 'no frills' option.

Many institutions offer fee free banking also known as no fee banking. For example some banks offer no fee banking for children under 18. There are no fee banking accounts offered by some banks for full time students as well as no fee banking for the disabled, no fee banking for seniors and no fee banking for the self funded retiree.

Banks and other financial institutions usually have ' no frills' accounts with limited fees for groups that don't fall into one of the categories mentioned above. There are accounts offered by some banks and financial institutions that benefit different groups of people at various stages of their life. With so many new finance companies entering the banking market place, consumers need to invest time researching the different types of fee structures offered by the many banks and financial institutions. Some of these alternative fee structures can potentially help the investor or borrower save money.

Another alternative tactic that may aid the investor or borrower in lowering bank fees could be to closely examine the in branch services that they currently utilize at their banking center and question whether they are really the best choice for a given financial circumstance. For example, numerous visits to the local branch of a banking center can add up to be very costly by the end of each month. This is because these banking centers charge an over the counter fee for withdrawals. By the time the bank statement is received by the customer the total amount of fees charged for the month can be quite hefty and undisputable. To save time and money most banking can be done on the internet, telephone or the ATM. Serial bank attendance is not necessary, as in most cases those customers that insist on visiting banking centers in person refusing to adopt the more cost effective alternatives available will be paying for the experience.

Fee Free Banking for Children Under 18

Most banks or financial institutions offer fee free banking for children. This usually entitles the parent/guardian or child (under the parents/guardian supervision) unlimited fund withdrawals at the banking center and ATM usage*.

Fee Free Banking For Students

Most banks offer fee free banking for students. Students are generally exempt from account keeping fees and are often given unlimited fund withdrawals*, provided a student card or full time enrolment form is presented to bank officials at the start of each year.

Fee free Banking For The Disabled

Banks and other financial institutions generally offer fee free banking for the disabled. This entitles the disabled person or guardian unlimited withdrawals at the banking center or at the ATM*. Eligibility for this exemption is dependant on a doctor's referral outlining why ATM services cannot be used. A pension card or social security card in some countries may not be enough to exempt an account holder from fee free banking, as many people with disabilities can still use ATM or EFTPOS services.

* Unlimited withdrawals generally apply if the same banking network is used. Overseas banking networks and online banking may incur additional charges.

Fee Free Banking For Senior Citizens

Banks generally offer reduced fees for senior citizens. This entitles the senior account holder to a limited number of fund withdrawals exempt of account keeping fees. Fee free banking is sometimes offered on the condition that a minimum monthly relationship balance is maintained (e.g. $50,000 in an account). Eligibility for this type of account is mainly determined by age and work status. For example conditions may require an account holder to be fully retired or at least 50 to 55 years old or in receipt of an eligible pension or allowance. Obviously these criteria vary between banks and countries.

Aged Pension, Disability Support Pension, Carer's Pension, Wife's Pension, Widow's Pension, Veteran's Pension or Mature Age Allowance may all be eligible for a pension account with reduced or no fees.