How to avoid high fees on checking accounts and banking features
Benefit from high-interest savings account, faster direct deposits, and no banking fees.
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- Reduce banking fees considerably
- Enjoy faster direct deposits and a massive no-fee ATM network
- Get cashbacks
- Make your idle money work for you with a high-interest savings bank account
Simply having a checking account and using banking features facilitated by a traditional bank could cost you hundreds of dollars every year – maybe even more, depending on how much you avail of them.
According to Forbes, traditional banks charge an average monthly maintenance fee of $8.34, out-of-network ATM fees of $2.35 every time you swipe, and an overdraft fee of $29.50. The Federal Deposit Insurance Corp. Regulation D also mentions that you could end up paying $15 if you withdraw from your savings account more than six times a month.
At a time when many Americans are struggling to pay their rent and bills on time while attempting to save money on a tight budget, losing money to high banking fees doesn’t make sense. Fortunately, there are now online banking platforms that partner with regional banks and offer a safe and secure gateway to faster banking transactions, high interest on savings accounts, and ATM withdrawals without exorbitant fees.
The Oxygen app is an emerging digital banking platform that offers a host of banking services facilitated by the Bancorp Bank, Member FDIC. Their signup and checking account opening process is completely paperless with the option to avail of retail and travel benefits based on the tier you choose – earth, water, air, or fire.
Checking Account With an Easy Direct Deposit Setup
Traditional banks use archaic payment clearing systems that could take up to two days to clear your paycheck after receiving your monthly payment confirmation from your employer. With state-of-the-art technology and payment gateways, Oxygen is often able to make your monthly salary available to you right when your company sends in the payment file. In fact, Oxygen claims that they are able to process direct deposits up to two days faster than traditional banks.
When you open a checking account on the Oxygen app, you may proceed to set up a monthly direct deposit by filling up a direct deposit form on the app and sharing it with your employer.
High-Interest Savings Account
When you have a checking account with Oxygen, you will have the option to open a savings account that makes your idle money work for you. The average interest returns on savings accounts stood at 0.06 percent in December 2021, but you could grow your savings even faster than that with Oxygen’s 0.25 interest rate.
No-Fee ATM Network
You’ll also get to use the Oxygen Visa Debit Card for a no-fee ATM experience at over 50,000 Allpoint ATMs that have a presence in major retail stores like Safeway, Kroger, Walgreen. Out-of-network ATM fees may apply.
Mobile Check Deposits
The Oxygen app allows you to deposit checks by scanning them with the app and entering the transaction amount. Instant check deposits for government checks will incur a one percent fee whereas other accepted checks cost up to four percent of the deposit amount. You can completely avoid check deposit fees by using the standard method, though it could take a couple of business days for the transaction to complete
Cashback on Consumables
Along with the convenience of no-fee ATM withdrawal from Allpoint kiosks, the Oxygen debit card earns you a flat $1 on food and coffee purchases and up to two percent on several other products from select vendors. When you have accrued the threshold of $10 in cashback rewards, you may transfer it to your checking account free of charge.