Paying the Bank

Paying the Bank:

"Fees represent 80 percent to 90 percent of after-tax profits for banks these days" says Daniel A. Mica, president and CEO of the Credit Union National Association, as quoted by Mike Hogan of Computer Currents.

Do you pay your bank too much? The chances are that you do. Most banks charge extra for everything from 'per check' service, to stop-payments and overdraft protection, not to mention overdraft charges themselves.

You can stop a lot of charges by making some adjustments to how you approach banking:

Don't write checks when you don't have to. Keep cash (and a tight fist) for all purchases (Except for bills that would be less expensive to pay through the mail.)
Look for interest bearing accounts if you can possibly qualify. They sure won't make you rich, but they'll at least help offset the other costs of banking.
Never buy checks through your banking establishment. They tack an extra charge to cover their expense (and then some) of ordering and handling. Do it yourself for free; there are several trustworthy companies that print checks for up to 75% less, and if you want to hop around, you can take advantage of first time deals. You don't have to do that, though, to save substantially.
As a general rule, smaller banks have lower (and fewer) fees. Check out banks in your area that are owned locally.
Savings and loan associations are on the lower end when it comes to fees and charges, too.
Bank savings accounts are poor investment places, at low returns. Almost anything will give you a better return than a bank savings account. There's only one time they come in handy, and that's if you need to hide money from your checking account (so you won't spend it).
If you're a senior, ask about discounts, or checking accounts with no fees.
Some banks give you free checking, or lower costs, if you have your paycheck deposited automatically.
Bank by phone whenever you can, instead of going to the bank - and save gas, wear and tear on your vehicle.
Credit Unions usually have lower overall rates and higher interests on savings, so if you qualify for one, join up.