How To Keep More Money in Your Pocket Part 1
Tired of paying endless bank fees? Take control of your finances with these tips to save money. From picking the right bank to avoiding ATM fees and opting out of costly overdraft protection, these simple steps can help you keep more of your hard-earned cash. Learn how to make smarter money moves, even when traveling overseas!
Banks were created to help us save money, right? These days it seems like every time I turn around I'm paying a new fee, or better yet, higher fees on things that already existed. How do we put an end to this and start holding onto more of our hard earned cash? At today.msnbc.msn.com I was able to find some really helpful tips that we can all put into practice.
ATM fees alone can hobble the budgets of even the most prudent planners.
It is possible to turn the tables in at least some key areas, though.
Here’s how to get your bank to giveth rather than taketh away.
1. Pick the right bank. Especially if you just moved to a new city or you’re just starting out in life, don’t open an account at the first bank you see. Instead, shop around and ask plenty of questions. Ideally, you’re looking for a bank that provides free checking, direct deposit, online bill paying, decent interest rates and many convenient branches and ATMs.
2. Inquire about minimum-balance requirements. Many banks charge monthly fees for failing to maintain their minimum account balances. If you’re not likely to meet those requirements, consider taking your business elsewhere. Or, find out whether you can get the fees waived if you have your paycheck deposited directly into your account and if you don’t do face-to-face business with tellers.
3. Beware of this so-called “courtesy.” Unless you say no to “courtesy overdraft protection,” you could end up paying as much as $39 for each overdraft from your checking account. Instead, link your checking account to your savings account, credit-card account or home equity line of credit.
4. Do some advance planning. Going out on a weekend night in an unfamiliar part of town? Remember to do a quick online search to see whether your bank has any ATMs where you’re headed. Otherwise, if you get cash from another bank’s ATM, you’ll probably be double-whammied with fees from that bank and your own bank.
5. Make wise money moves overseas. If you’ve used ATM machines to withdraw cash while traveling overseas in recent years, you may have been hit with enormous fees. Credit-card currency-conversion fees also may have walloped you. Before leaving town, visit this Bankrate.com site to find out which credit card to use while traveling, and check with your bank to see whether it has ATM alliances with banks in the countries you plan to visit.
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