It seems that no matter where you turn, banks are coming up with fees on top of fees, but that does not mean that you cannot save. The key to saving money at the bank is doing your homework.
Does Your Bank Offer Incentive Programs?
Banking is a competitive industry, and with people becoming more and more fed up, many banks are offering incentives to their customers. For example, Bank of America recently came out with a great little savings program called "Keep the Change". It works in conjunction with your checking account and debit card.
Let's say you use your debit card and spend $2.31. Well, the bank would round this number up to $3.00 and the $.69 would be transferred from your checking to your savings account. It helps you save without any effort on your part, but you must remember that this occurs to avoid overdraft fees in your checking account.
Plus, they match your "Keep the Change" savings at 100% for the first three months and 5% thereafter. You have got to admit that beats that paltry interest many other banks give you. Free money is always great, so take advantage of it.
The point is that you should check to see what incentive programs your bank may offer.
Check Ordering
Never purchase checks directly from the bank. It is always going to be an expensive proposition. There are many companies out there that offer great deals on check orders, such as Check Gallery, Checks in the Mail, Checks Unlimited and many more. You can often pick up 200 checks for as little as $8 or $9. Just do some quick research online and you will be saving in no time.
Credit Unions
Credit Unions often charge much lower fees than standard banks. This may be an option you would like to explore, especially if there are conveniently located branches in your area.
No Fee Checking
Many banks offer some variation of this particular theme. If you qualify, by all means, sign up, but pay attention to the stipulations. Some banks will offer no fee checking if your paycheck is directly deposited into your account. This is a pretty good deal.
Many banks also offer free checking to students. You may want to take advantage of this one, whether you are an undergrad or if you are pursuing post graduate studies.
Some banks offer no fee checking if you maintain a savings account with a specific minimum balance, but charge if you go below this balance. Be careful with this one. The monthly fees are often higher than the fees on regular or basic checking accounts. So if you know that you will constantly dip into your savings, then this may not be such a great deal for you.
ATM Fees
Be sure to choose a bank that has lots of conveniently located ATMs if you visit the ATM frequently. Always try to use your bank's ATM to avoid the ridiculous fees you are charged for accessing your money from an out of network ATM. If you must use another bank's ATM, try to locate one with no surcharge. At least, in this way, you are not charged twice - once by that bank's ATM and once by your bank for using another bank's machine.
There are countless ways of saving money at the bank if you really put your mind to it. So be a smart consumer and be sure to shop around when choosing your bank.
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