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ChooseFI | Financial Independence Podcast

008 | Avoid Bank Fees at All Cost

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Careers, Business, Investing

4.8 β€’ 5.2K Ratings

πŸ—“οΈ 30 January 2017

⏱️ 16 minutes

🧾️ Download transcript

Summary

Bank fees signal financial distress β€” if you're paying them regularly, something deeper needs fixing. Jonathan and Brad examine why Americans hemorrhaged $32 billion in overdraft fees alone in 2016, and more importantly, how to ensure you never contribute to that staggering total. Introduction to Bank Fees [00:00:00] Understanding Overdraft Fees [00:01:37] Americans paid $32 billion in overdraft fees in 2016. These fees aren't just annoying charges β€” they indicate a larger financial issue requiring immediate attention. Staying aware of account balances is essential to avoid these costs. The Importance of an Emergency Fund [00:05:00] A healthy emergency fund prevents the overdraft trap. Save at least $1,000 to cushion against financial emergencies and break the cycle of fees. Terminology: Overdraft Fee [00:03:19]: A charge when a withdrawal exceeds available balance Emergency Fund [00:05:00]: Savings set aside to cover unplanned expenses, typically $1,000 or more Tips to Avoid Bank Fees [00:08:14] Automate finances and monitor spending closely Use your own bank's ATMs to bypass ATM fees Link accounts to credit cards for overdraft protection Terminology: ATM Fee [00:08:14]: Charge applied when withdrawing cash from another bank's ATM Negotiating with Your Bank [00:14:19] Banks want to keep your business. Don't hesitate to call and request fee waivers, especially for first-time occurrences. Key Actions: Contact your bank about any incurred fees and request a waiver [00:14:30] Set up an emergency fund to avoid overdraft situations [00:05:00] Maintain an emergency fund, automate expenses, and monitor account balance [00:07:57] Notable Quotes: "$32 billion: That's how much Americans paid in overdraft fees in 2016!" [00:01:54] "Never pay bank fees! It's that simple." [00:02:05] "No emergency fund? Stop wasting your money immediately!" [00:05:00] "Create an action plan to avoid bank fees." [00:07:57] "Banks want your business! Don't hesitate to explore your options." [00:14:19] β–Ά Listen Next: Ep. 009 β€” Travel Rewards: How To Travel The World For Almost Free (The Easy Way) | Essential Listening

Transcript

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0:00.0

You're listening to Choose FI Radio, the blueprint for financial independence lives here.

0:07.0

If you're looking to unlock the secrets to financial independence and terribly retirement,

0:14.0

you're in the right place.

0:16.0

Stay tuned and join a community of like-minded people who are getting off the answer wheel

0:21.0

and taking control of their lives in the pursuit of financial independence.

0:25.0

Choose FI, your home for financial independence online.

0:29.0

It's on one.

0:30.0

Okay, so today's title is going to be bank fees, why they're evil and how to avoid them.

0:43.0

Okay, Brad, it's all yours.

0:44.0

Take it away.

0:45.0

All right.

0:46.0

Thanks, Jonathan.

0:47.0

So, yeah, I'm a mild mannered accountant in most of my life.

0:50.0

You don't see me getting too agitated about things, but inside, sometimes I see over some

0:57.4

of these financial mistakes I see people making.

0:59.9

That's the funniest thing.

1:00.9

When I see Brad angry, it's hilarious because he goes there and he comes right back.

1:06.4

Yeah, I just out, comes back.

1:07.7

I try very, very hard to just be my nice, normal self most of the time and just stay pretty

1:12.8

even killed.

1:13.8

But yeah, some of these things, they just, they annoy me so much because I know people

1:18.7

are making mistakes that are just so detrimental to their lives and, and I don't know why.

...

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