The reason we put money in the bank is because we trust our country’s banking system. We want our beautiful coin to be convenient for transfers, withdrawals and other money-driven actions. As people work harder and harder to dig out of this economic hole, it’s important to make sure your piggy bank is filling up rather than being drained!
With the passage of recent laws against a number of banking fees, the industry came up with a few new ideas to recover. Some of these new rules are emptying the pockets of citizens who struggle to understand the unnecessary fees they continue to pay.
Monthly/Annual Maintenance Fees- Just What About My Money Are You “Maintaining”?
A number of banks charge you monthly or annual maintenance fees for keeping your money in their distinguished vault. Sounds a bit off right? Ideally a bank is supposed to protect money and eliminate worries about account balances taking a dive. When it comes to maintenance, most banking fees are in the $10-20 dollar range. Come on! The whole point of stashing away money in an account is because you want to save, not spend! Always read the fine print and make sure you are not paying unwanted banking fees or maintenance charges. There is peace of mind in knowing your money is in a secure spot that will pad your account, not slim it down!
Minimum Balance Fee- Do I Look Like Donald Trump?
Some larger institutions have begun to charge a monthly fee for customers with low account balances. For instance, some banks may hit checking accounts with an extra $15 charge each month if you don’t carry a minimum balance of $6,000. This is a problem you need to address with your wallet before signing up for specific checking accounts. If you do not have the necessary funds to start an account with a minimum balance fee, then look elsewhere. Trust me, we all want to have our own hotel, television shows and a hair piece of suspect quality, but in order to attain financial security you need to be realistic with the money that you are making. If your bank is charging ridiculous fees for a minimum balance that you can’t maintain, tell them “You’re fired!”
The ATM Is Not Free Money
The ATM is that magic machine that gives you money without anything in return, right? Wrong! ATM fees have increased steadily over the last few years. You pay an average of $3.81 for using an out-of-network machine. The easiest way to avoid this unwanted banking fee is to choose a local bank that is easily accessible to you, or which has ATMs scattered throughout your city that are free of charge to withdraw. Using the ATM at your bank is free. Another idea is to consider an online bank, as many of them reimburse you for ATM fees.
As a country built by blue collar men, we pride ourselves on working and earning the money in our pocket. Properly monitoring your money and where it is being spent will help you ensure that you get to keep more of your dough. Hard-earned money is not hard earned unless it is saved and spent right.
This article was written by Stephen Gerard on behalf of Conestoga Bank. Conestoga Bank, located across Philadelphia and southeastern PA, provides banking to consumers and businesses, including checking, savings and loan services.
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