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Below is what they said.
Also see howTrump versus Biden could lower your banking fees.
Generally, the best APY rates are on savings accounts, but some checking accounts also bear interest.
According to theFDIC, the national rate cap on both interest checking and savings accounts is 6.08%.
The thing is, many banks dont offer very high APY rates.
Minimum balances always catch account holders by surprise.
Most banks charge a fee if you fall below the minimum account balance they require.
Its easy to lose 3-figures from absent-minded money management, he said.
Some are avoidable, while others arent.
The good news is that you’ve got the option to avoid some of these fees.
For example, it’s possible for you to sign up for overdraft protection.
Some banks also automatically reject a transaction that goes beyond your available balance.
you’re free to also make foreign transactions using cash, said Brifman.
This will let you avoid international transaction fees.
Banks may be willing to negotiate fees and charges, especially for loyal customers, Brifman said.
Be aware, though, that banks dont always offer the best exchange rates.
Brifman said these rates could be less favorable than what youd find elsewhere.
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