You could save your family a few hundred dollars a year by reducing costs associated with check fees, ATM fees and bank service charges. You can do this by educating yourself on the various banking costs, and then choosing a financial institution that meets your needs.
Banks earn a healthy stream of income from customers who use cards at automated teller machines. The cost of withdrawing money from ATMs rises every year, and each withdrawal you make over a 12-month period adds up to a significant amount. So, what can you do?
First, you are not obliged to be loyal to any bank. Find one that doesn’t charge ATM fees. An increasing number of banks are offering this service free to attract and keep new customers. Second, find a bank that rewards you every time you use a card at an ATM. Alternatively, sign up with a bank that offers unlimited ATM transactions for a set monthly fee.
You don’t have to buy checks from the financial institution that holds your account – these days you can outsource to another reputable company and enjoy substantial savings.
If one bank offers a good deal on checking accounts, and another bank offers a more economical service on savings accounts, open an account with each bank.
Some banks charge a fee when you conduct transactions with a human teller. Online banking eliminates these charges completely. If you’ve never done it before, don’t be nervous – it’s easy, convenient, safe and very user friendly.