A plethora of people fail to give much thought to the cost of banking. Monthly checking fees, bounced-check fees, ATM fees and so forth. Yet these can certainly add up fast. Shaving banking fees can put the money right back in your pocket. When one notes that it is far easier to find ways to save money than to increase their income, they soon note the benefits of saving money on bank fees. It you are paying fees to maintain a checking account, you are basically paying to use your own money. You should look for a bank which has no-fee checking. A host of banks offer no fee-checking if you keep a bare minimum in your savings account.
Simply maintaining a minimum combined balance in your checking and savings account, will often help you avoid the checking fees. Research various banks and find one which best suits your savings and spending habits. Those who dip below their minimum balance frequently are better off veering away from the ‘free’ checking account. This is due to the fact that you will incur a fee when your balance drops below the minimum. You could be incurring an unnecessary fee of between $90-$129 per year. One can also save money buy purchasing their checks through www.checkunlimited.com These discounters charge approximately $6-$8 for 200 checks.
Compare this to the usual $20-$25 fee most banks charge and you could have the potential for saving a lot of money. These checks are printed on high quality paper, they meet all bank specifications, are backed by a 100% satisfaction guarantee and incorporates advanced security features. Additional bank fees are incurred a person’s individual account balance exceeds their overdraft limited authorisation. These charges can be quite high, therefore one needs to avoid this at all costs. You will need to balance your check-book every month and not bounce checks at any time.
Those checks which are written against insufficient funds, can cost you anywhere between $20- $35. If more checks clear prior to you noticing the lack of funds, you could be in for total punitive costs of $100 or more. By keeping a significant balance in an interest-bearing account, (one which uses the average balance method for calculating your minimum interest and balance) you are less likely to incur these fees if you happen to dip below the minimum balance. But this is only when the average balance for the entire month does not fall below the minimum. Besides, you will earn interest on your money and that’s a plus.
Try not to use the ATM unless it is absolutely necessary. If you must use an ATM machine, move your checking account to a bank which has a large ATM network. Ensure that this specific bank network has branches near your place of work and home. One should also use the network ATMs which do not charge any fees. If you wish to withdraw $20 from an ATM machine and are charged say $1.50 by the owner of the ATM, you have paid 7 ½ % for access to money which was yours in the first place. It makes very little sense to do this. On top of that extra expense, banks often charge an out-of-network transaction fee. Therefore your initial outlay is doubled.
It is imperative that you talk with customer service at the bank of your choice. Ensure that you are informed of all possible fees associated with your account. This could be a free service, it should be a free service, yet sometimes one will be charged. Yet it is well worth the small expense it may incur, to find out all you need to know about hidden bank fees. You may be limited to how many checks you can write per month prior to being charged, unless you ask you won’t know. It will be to your best advantage to find out all you need to know, to ask questions and to voice any concerns you may have. If you are not completely satisfied with what your bank has to offer, change banks. You are under no obligation whatsoever to stay with a bank which does not meet your personal needs.