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Monday, January 11

How to Save Money by Reducing Banking Fees

There are many things that use up our finances quickly. It is wise to be resourceful and cut corners financially wherever you can. Banking fees are something that many people just assume are an expensive part of life. But do you know that there are many ways that you can save unnecessary money in this area? 

Here are some creative ways to reduce banking costs in order to cut your monthly spending:

Think Twice

Many banks offer different incentives to get your business.  Even the bank that you are with now.  

Have you had the same bank account for a long time? Are you paying a monthly fee for an account that has options you don’t even use? Perhaps when you signed up, you assumed you needed the best account possible and are now paying for things you don’t even use.

Are you blindly assuming that the account you use is still right for you? Just as we change and grow, our needs for a bank account change and grow. Go over your account details and see if there is a lower-cost banking option where you can save money. 

Perhaps you don’t need to write as many checks as your account allows you to, or maybe there are other options such as money orders and unlimited bank withdrawals that you are paying for which are no longer relevant to your banking habits. Check it out and save yourself on your monthly fees.

Do You Have Enough Options?

On the other hand, perhaps you are paying for a bank account that was the cheapest one you could find. That may be fine for a while, but if you are using more than you are paying for, you can end up paying far more than if you had simply asked for the plan that was truly sufficient to cover your costs. Speak with your bank representative and find the plan that will give you what you need, with no surprise costs down the road.

Keep a Minimum Amount of Money in Account

Some banks will lower fees when there is a minimum amount of money in the account at all times and the minimum does not drop below that point. Find out if this is possible at your bank. If it is a feasible option for you then go ahead and start saving.

Be Interested in Your Interest

Be knowledgeable when it comes to where you save your money. Keep on top of how much interest your account is earning. If you are storing your money and you are not even making enough interest to keep up with inflation, it may be time to make a change. Find out if there are other account types that would serve you better and give you a higher return on the money you save. Or, if necessary, look around for another bank that may be able to better meet your financial needs.

Don’t Use Other Institutions for Withdrawals

When you are withdrawing money from a bank machine, be sure to find one that belongs to your own bank. Using other bank’s machines can bring hefty transaction fees. Find a bank that has many debit machines so that you have quick access to your money when needed.

Banking is something almost everyone has to do. Why not find the right bank account and save money where you can? By using the type of bank account that is exactly what you need, you will cut costs and be one step closer to financial freedom.

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