Mission Possible 2

Your Mission for this week, should you decide to accept it, it to look at your bank.  Are they charging you monthly fees?  What FREE services do they offer you for letting them use your money? 

Part 1-
If they are charging you a monthly fee - make it stop!!  Ask how your checking or savings can be free and change it!  At my bank I have to have one automatic deposit a month and I can't use the tellers except to cash checks.  I must use the ATM for all other transactions.  By following this I save $8.95/month.  So if you are being charged a fee and they don't offer any free checking........FIRE your bank and find another one ASAP.  

Part 2-
Does your bank offer FREE bill pay?  If it does, get busy setting it up!  Bill pay is safe, guarenteed and easy!  It saves you an average of $2. per month in stamps and the hassle of writing all those checks and making sure they don't get stolen from your mailbox.  It also cuts down on identity theft. 

Part 3 -
If your bank charges you for sending back you your cancelled checks and statements (many banks are doing this now).  Have them stopped and ask for paperless accounts.  You can pull your statements up online and see cancelled checks (print them if you need them for any reason). 

Part 4 -
If you have a savings account and checking at the same bank, have them link your two accounts so you have overdraft protection.  On average and bounced check fee at the bank is $30 to $35 EACH.  If you have the overdraft protection they fee is much smaller if you make an OPPS!  Usually around $10 each., but the real savings is that they will take the money from savings to cover your check and the person (or business) you paid will not charge you their fees (sometimes as high as $50 or a % of the check you wrote). 

Part 5-
Look at your savings.  Some banks charge a fee for savings!!  This is a TOTAL RIP OFF!  They tell you they pay interest and then charge you a fee - usually way more than what you make in interest.  Take your money out and find FREE savings.  DO NOT ever let a bank charge you fees on savings accounts.
Tip:  If you have a long-term savings I would suggest you look for at online banks such as ING Direct for the highest rates on savings.  There are several, I just used the one I bank at as an example.  The rates are MUCH higher than reg. banks.

Part 6 -
ATM's - If your bank offers FREE ATM use, make sure you always use their ATM's.  Using another banks ATM's will cost you BIG TIME (sometimes double).  I have heard so many tell me "my bank offers free ATM" and then they ask me why they got charged $48 for using the ATM.  Your bank may not charge when you use their banks ATM machines....but the other banks will change you!  And on top of that your bank may charge you again for the transfer of cash.  Find out where your banks ATMs are and stick to those.