Happy Holidays DINKS! As you know, I work for a financial institution and therefore I don’t pay any monthly bank fees or service charges for my transactions. It was only recently that I have become very grateful for the amount of money that I am saving every month by not paying monthly bank fees.
I know that many DINKS (and all people) are upset at how much money they are paying for monthly bank fees and service charges. Some people feel that our bank should want our business as clients; therefore we shouldn’t be charged monthly bank fees to have a bank account. Banks make money by collecting interest on our credit cards, personal loans, and mortgages; they shouldn’t also charge us a monthly fee to have our bank account.
Today we are going to share some tips and tricks from around the web on how to save money on our monthly bank fees and service charges.
- Financial Edge by Investopedia.com tells us about “6 Banking Fees You Can Avoid.” We found this post on Fabulously Broke.
- Green Panda Tree House warns us “Don’t Get Fooled by Banks” as they discuss teaser specials that banks use to attract clients by enticing us with short term offers.
- Frugal Dad tells us that it is just as important to earn money on our savings accounts as it is to save on our monthly bank account fees in his post “Where to Find the Best Interest Rates on Savings.”
(Photo By WWarby)
Kristina Tahnyak
Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.
Ah, bank fees. I’ve avoided those for so long, but finally had one try to sneak in on me. About ten years ago I opened a ‘Free Checking’ account with a major bank. A few years ago I changed my primary checking to an online bank. Shortly after that my first bank was ‘acquired’ by another national bank. No problem, a bit of money just sat there, I used the ATM occasionally.
Then a couple weeks ago got a notice via snail mail that, starting February, they would be charging $10/mo unless you met certain requirements (the usual: minimum balance, direct deposit, a # of debit transactions; none of which I’d meet). The next Saturday I walked down to the bank, closed my account, walked across the street to the regional credit union and opened my ‘new’ secondary checking account. It felt sooo good to do that. Monthly fees? I’m outta here.
Ahh an Investopedia article I wrote :) Thanks for linking to it!