Are You Paying Unnecessary Bank Fees?

Are You Paying Unnecessary Bank Fees?

How do you like your bank? Have you been a faithful customer of theirs for many years? And if so, are you paying any monthly fees? Because you shouldn’t have to.

Fact is, you’ve already given them plenty of your money by keeping it with them. They’ve made interest, especially from your savings, for years now and it is entirely possible - depending on how long you’ve been a customer and how much money you’ve kept with them – that your bank has made a substantial amount of money just because you keep yours with them.

This is part of a bank’s function. If you keep money with them in a savings account, they’ll pay you a low interest rate for letting them use it. What they do, in essence, is pool your money with other customers’ savings and use it for the purpose of loans; auto loans, home loans, personal loans, etc. With the interest they charge for the loans, they get back more than enough to cover what you are keeping in the bank so you can access it whenever you need it.

This is a simplified explanation, of course, the various processes on how banks make money are far too numerous to explain and frankly, the writer of this article isn’t entirely sure he’s aware of them all.

But our point in this post is not that you should go marching down to your bank and demand they pay you or send you a thank-you card (though some acknowledgment would be nice, wouldn’t it). We’re saying that there really is no reason your bank should be charging you any monthly fees for any of their services, including checking.

So, if you want to save some money, call your bank and ask them if they offer free checking and what that might require; often it’s simply a matter of signing up direct deposit where you work, and the bank will offer you free checking service. Direct deposit spares the bank from having an actual person receive and process your checks, or have a teller record your amount when you make a deposit.

Find out also what the ATM fee structure is at your bank. There should be no charge whatsoever for you to use the bank’s ATMs, but surprisingly, some banks still charge their customers for what is essentially a convenience just as much for them as it is for you. Be careful with ATMs at small grocery markets or casinos, often you can be double charged for a single use of an ATM. Most importantly, don’t shop or eat at any business that says they don’t accept credit or debit cards but do have an ATM on the premises; more often than not the business is making money from the fact that you have to use their ATM.

Finally, if your bank refuses to reduce or eliminate your monthly fees, don’t be afraid to go to your local branch and close your accounts on the basis of the fact that you don’t believe you should be paying fees; there’s a good chance they won’t let you go without offering you what you want. If they don’t, be prepared to go through with the withdrawal and take your business to another bank.

As much as we can, CASH 1 will always try to help you save money, but if you come up short, come see us for auto equity loans. We can finance you even if the bank has your title.

 

Are you paying too much in monthly bank fees? CASH 1 will always try to help you save money, but if you come up short, come see us for auto equity loans.

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Finance Articles, Lifestyle, Money Saving Tips

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