Bang for Your Buck: Ways to avoid fees - Action News 5 - Memphis, Tennessee

Bang for Your Buck: Ways to avoid fees

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Andrew Douglas has the top four ways to avoid or at least minimize the fees you pay. Andrew Douglas has the top four ways to avoid or at least minimize the fees you pay.
MEMPHIS, TN -

(WMC-TV) – Consumers spend $2.4 billion in credit card late fees and $31 billion annually in overdraft fees. That's a ton of money that we shouldn't have to pay. In this Bang for Your Buck, Consumer Reports and Andrew Douglas has the top four ways to avoid or at least minimize the fees you pay.

1. Bank fees

Avoid ATM fees by using your bank's ATM or use a fee free ATM. Find one close to you by doing a Google search. Another way to avoid ATM fees is to tap the cash back feature at the supermarket.

Stamp out the $35 overdraft fees by monitoring balances with your bank's smart phone app and make sure your checking account is free with no minimum balance. If your bank doesn't have one, threaten to take your business elsewhere and check out a local credit union.

2. Credit cards

Avoid annual fees by shopping for a no fee or low interest rate options at www.bankrate.com. It's as simple as that.

3. Travel

Sidestep airline telephone booking fees of $25 to $35 a ticket by making your purchase online. Look for baggage fees costs online, then compare and plan how to avoid extra fees and prepare according. That will help you reduce your trip's expenses.

4. Auto fees

There is an additional dealer markup on new or high demand models. Wait until the models cool down or let the sales person know you'll walk if you pay that dealer prep fee.

If you would like to get a hold of Andrew Douglas on go to his Facebook or Twitter page or email adouglas@wmctv.com.

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