September 12, 2019

How Much Should I Be Spending on Banking Fees?


For the longest time, we’ve been paying our banks to keep our money. That’s how it’s always been, so we got used to it and simply never questioned it. But today, it’s time.

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Americans still waste on average almost $175  every year on banking fees. And this number doesn’t even include ATM or overdraft or any other operational fees: this is only to keep a checking account opened! But hopefully, this will soon come to an end.

There are some new offerings out there (and yes, Lili is one of them!) that are very competitive in terms of account fees – and when we say competitive, we mean they don’t have any.

While a traditional bank may charge you somewhere between $10 to $15 every month to simply keep an account open, a digital bank like Lili doesn’t. While a traditional bank may require you to keep a minimum amount on your account or they’ll charge you a $35 penalty fee, a digital bank like Lili doesn’t. While a traditional bank may charge you a small fee between $.5 and $2 for using an ATM, a digital bank like Lili doesn’t. You can find the full list of fees here.

These small amounts add up. If you have a $10 monthly maintenance fee, you’re already paying more, with $120 over the course of a year to just have a bank account opened, when in 2020 others would charge you $0, nothing, nada! Now add to that ATM fees, overdraft fees, ACH fees and you can save so much more. Most Americans haven’t yet switched to a checking account with no fees, but they are already available. Moving to a digital bank has become such a simple way for independent workers, who are already paying for many other services (insurance, legal, accounting…) to run their business, to save a little cash. So do your research, and keep in mind that in this day and age, you really don’t need to spend as much on your bank as you and your parents used to.



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