Thanks for voting!When you work so hard for every dollar, it makes every dollar you lose to bank fees more difficult to swallow.
Savers like you have a vested interest in bank fees. Because every dollar you’re charged by your bank takes you a dollar further from financial independence. The New York Times takes an upclose look at one of these growing bank charges – overdraft fees – and how people’s liberal use of debit cards is becoming a financial boon for many banks.
It’s time to take a hard look at what you’re getting from banks that make you pay to access your money. Here are some ways to make banks more accountable and take a bite out of ATM fees, overdraft fees and the like.
Add It Up. If you keep a budget – and every Saver should - think of fees like you would a monthly utility bill. Keep track of every one of them, from transaction fees to ATM charges to credit card fees. Know what you spend, and ask yourself if you’re getting good value for it. You be the judge.
Make Them Accountable. Your bank is lucky to have you as a customer, not the other way around. You have a right to know in advance what you are paying for. If you’re surprised by a fee, or wonder what you’re getting for it, ask your bank. If the answer seems reasonable, then at least you know. If it doesn’t, remember that you have choices.
Consider Your Options. It’s not a law of nature that paying a bill should cost money. You have choices. Don’t think of yourself as choosing or changing banks, but as choosing the products you need from whomever offers the best value. Shop hard, and when you do, don’t just look at what you’re getting from those products, look at what that bank is going to take from you.
Good news, bank fees are not unavoidable. Take a careful look at your fees, stay vigilant, ask questions, speak up and put yourself first. Remember, you’re doing this for a great reason. Because every dollar you don’t spend on bank fees takes you one dollar closer to financial independence.
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Try a credit union! Since they’re owned by the people who use them, they tend to be more far more reasonable regarding all kinds of banking fees.
the nytimes story features someone who had that same idea tiffany… seems like it didnt work out
This is something I’ve been struggling with recently. A lot of my checking fees area waived after a certain average balance. But the average balance is high and the account does not pay interest. I’m better off paying the fees and keeping the cash in an account that generates interest. Paying the fee hurts but it appears to be a smarter business decision.
NO Jose!! Dont be a dummy!!! look into a different bank account or even bank that will accommodate you better. You never should settle for getting ripped off!!!
Credit Unions do usually have better rates, etc. But Did you know they don’t have to pay taxes!!!! I’m going to stick with someone like me that has to pay taxes. It’s the principle of the thing.