Tips for Avoiding Unnecessary Fees

NO ONE LIKES TO PAY FEES, ESPECIALLY WHEN THEY’RE AVOIDABLE. We want to support you in using your money to purchase the things you need and save for your dream purchases. Here are a few tips to help you:

  • Ensure your mailing address is valid. Banks and credit unions are required to provide periodic account statements. If you aren’t enrolled for e-Statements and haven’t provided your financial institution with a valid mailing address, you may be charged an invalid address fee.
  • Have account activity within the last year. There’s no point in having an account that you don’t use. Plus, after five years the State of Hawaii requires financial institutions to turn over abandoned property, including dormant savings and checking accounts, to the State Unclaimed Property Program.
  • Keep a minimum balance. Keep at least the minimum balance required in your account. This helps to avoid monthly fees and accidental overdrafts.
  • Sign up for direct deposit. Many checking accounts are free when your paycheck or benefits check is automatically deposited each month, plus your money will be available immediately.
  • Don’t spend more money than you have. Keep track of transactions and account balances to avoid bounced checks and overdraft fees.
  • Subscribe to alerts. Use your financial institution’s app or Online Banking to sign up for automatic alerts when your balance falls below a certain level or when a transaction is made.