Be Good To Your Money Bulletin http://ezezine.com
Millions of Americans are generating hundreds of billions of dollars
in fee-based cash for banks this year. Maybe it’s a few bucks from
using an “out-of-network” ATM, or $35 for the “courtesy” of letting you
overdraft your account by a few dollars. Either way, those pesky fees
are eating up your finances.
It seems that banks have conjured up all kinds of meaningless and shady
account service fees. And they’re on the rise big time, after the
announcement of the Obama Credit Card Reform. But with a little
research, common sense and diligence, you can shield yourself from
getting cha-chinged each time you want to access your money:
ATM FEES: PLAN how much you’ll need for the week and make one ATM stop
to cover those expenses. More importantly, be sure to at least find “in
network” locations on a map when you need cash. And beware of getting
double teamed by fees—like when, you pay $2 to pull money from the ATM
in your local minimart, and your bank charges you an additional $2 or
$3 for using a machine that’s not part of their network. If you can’t
find an “in network” ATM, consider using your debit card to get cash
back when you shop at stores that offer "cash back".
OVERDRAFT FEES: This year, Americans will pay more than $38.5 BILLION
in overdraft fees alone. Most banks automatically enroll you in
overdraft protection. You should be the one to decide whether or not
you want that kind of protection. Most of the time, you don’t. Tell
your bank you’d like to “opt out” of the overdraft protection. If you
really need a buffer, consider an account that offers a line of credit
with a low interest rate.
BANK TRANSFER FEES: Also called ACH Fees, these are charges to move
your money – electronically, mind you – from one bank to another bank.
This type of transfer costs your bank nothing and should cost you the
ANNUAL, ACOUNT MAINTENANCE AND MINIMUM BALANCE FEES: Ding, ding and
ding – for no good reason and regardless of your balance. Be aware of
fees for being "credit responsible". Banks will be charging a fee for
paying your balance in full every 30 days. As a kid, I was punished for
doing the wrong thing. Now, as an adult, I'm being punished for doing
the right thing.
BETTER ALTERNATIVE: Try your credit union. Credit unions and online
banks are seeing a huge boost in the number of new customers. You have
to fight for your money. The banks have received enough of our money
through bailout after bailout.
L L Q Publishing Company
631 N. Stephanie Street
Henderson, NV 89014