Why are You Paying Fees?

You save up some money, open a bank account, and they hand you a pamphlet with a “Fee Schedule”.  It’s your money, they will ‘use’ it, and they’re charging you to do this?????

Look elsewhere.

There are still lots of ‘brick and mortar’ banks, although most individuals prefer the ‘online’ version.  Whichever you decide, check around – you want the most interest, and no fees.

Although with ATM’s there are sometimes fees, if you use one – for convenience – that belongs to a different bank, or if you use one too often within a statement period, you will incur charges.  If this is the only way you can do your banking, be vigilant on the rules and stay within the perimeter to avoid extra charges.

If you are allowed only a certain amount of transactions per statement period, find another bank.  Not everyone fits into their numbers.  If you need to deposit or withdraw from your account, you should be able to do so freely……. and Free.

If you don’t check around, you will notice that your account is taking a financial hit because of fees and charges you’ve incurred.  Money wasted…. which could be in your Retirement Account. And if you overuse the transactions, fees are taken out immediately, so unless you constantly check, you could be making a withdrawal without sufficient funds in the account.  Another fee…your overdrawn.  Be diligent.

A strong suggestion….. use a paper check register.  Be vigilant about entries into and out of your account.  If you do this, you’ll know exactly how much is in your account at any given time. Should you write out a check, you subtract the amount when you do.  The bank will subtract the amount when the check is cashed….which gives you a false amount in your account.  And thinking you have more than you do, you write another check, only to find you have overdrawn your account.  Fees, fees, fees.

Be account savvy….. it’s a benefit to you.