Thankfully there are alternatives. If your monthly bank fees are more than roughly $10, then chances are you’re paying too much.

Take a look at your account statement and analyse why those fees are being charged. Perhaps you’re regularly overdrawn on your account—that can cost you as much as $45 in fees, according to financial analysts. But if you’re paying fees each month because the number of transactions you make is over the bank’s limit, perhaps it’s time to compare banking services and find another home for your money.

Often regional credit unions offer better deals than their larger banking cousins. However, a number of banks have recently announced lower banking fees for their customers, including Commonwealth, Westpac, and NAB as of 1 October 2009. Changes in rates are also anticipated at ANZ.

Source: Yahoo Finance