Why am I being charged for transactions in my savings account?
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Banks and credit unions can charge you fees for making too many withdrawals or transfers in a month, withdrawing too much money, or going below a minimum balance.
Your bank or credit union is allowed to set a limit on the number of withdrawals or transfers you can make from your savings account each month. After you make the maximum number of withdrawals or transfers, or withdraw the maximum amount of money, the bank can charge you an excessive use fee or withdrawal limit fee. In some cases, the amount of the fee increases with each withdrawal you make.
How to avoid fees on your savings account
Instead of using a savings account alone, consider opening a checking account for day-to-day transactions and cash withdrawals so you won’t have to pay additional fees. Use your savings account to hold money for emergencies and infrequent purchases.