Saving Money Via Your Bank Accounts

Very few people ever think to look at their actual bank accounts as a source of money waste. The fact is that there are a lot of costs incurred when using certain types of accounts that, depending on your bank, might be avoidable. If you haven’t taken the time to really take a look at your accounts you should, as you probably will be surprised at the amount of money you’re spending in the very location where you actually should be earning and saving.

First you need to focus on your actual banking needs. There may be certain fees that you can avoid and certain types of accounts that can save you money, but if you don’t have a good idea of what you actually need you won’t know where to find them or what to look for.

A few of these needs would be how frequently you withdraw or transfer funds, write checks and make payments. Also take a look at what specialized services you use, what the bank’s ATM fees are and how much they charge per check to record them.

Bank fees can eat up your money, so know what they are and what services use the most. Some accounts, for example, charge for every transaction you make while some have a flat fee. Some actually will charge nothing if you keep a specified minimum balance in your account.

Shopping around for the best bank is a great idea and one that deserves a bit of consideration. Customer service is important, no doubt, but saving money trumps a pretty smile any day in my book.  If you find a bank with lower fees change banks.

Remember that a bank is a business and a business wants to make money. If they do a good job for you letting them have a little of your money is OK but there’s no need to give them more than that. Do your due diligence and make sure you’re not paying too much.