Managing Your Banking Fees

For those of you who have multiple credit cards and bank accounts, you really want to pay attention to this article. The US government is considering capping bank ATM fees and I believe the Canadian Government should do the same. You probably don’t even notice, or have any idea how much you are paying in bank fees. Transaction fees from the bank can range anywhere from $.50 up to as high as $5.00 (which I have seen in some airports). Then there are all the insurance premiums that maybe added to your card. Balance protector insurance, life insurance and more…
All of these fees when combined could be costing you thousands per year. Here is how you can quantify the fees you are currently paying on your accounts which will help you to devise a plan to reduce your banking fees. Create and spreadsheet with a column for each bank account, credit card and line of credit, then create a row for monthly bank plan charges, excess transaction fees, insurance plans and balance protector premiums.
You will quickly see how much you spend on these fees alone. Here are some tips that you can use to reduce your banking fees.
1. Review your banking plan and be realistic. If you are making a lot of transactions monthly, purchase the higher fixed fee banking plan. This alone could reduce your fees from 20% to 50%.
2. Try to only use ATM machines that are owned by your bank. I real life this isn’t always possible. If you have to use an ATM machine other than your bank, use another bank’s ATM machine as Requirements For A Startup Business Loan opposed to a convenience store, airport or casino ATM. Other banks usually charge about $1.50 per/ATM transaction charge, whereas privately owned ATM’s can charge up to $5.00 per/transaction.
3. Consider canceling any unnecessary insurance and balance protector premiums. If you aren’t working or are self employed, Strategic Financial Planning Pdf why pay for loss of income insurance? If you have pre-existing medical conditions why pay for disability coverage etc…
4. Consider savings accounts with ING and PC Financial who offer low fee savings accounts.
To find out more about how to save money and achieve your financial goals you can visit the True Assess website.

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