Bank Fees, Outsmart Your Banker

Personal Finance

Bank Fees, Outsmart Your Banker

29th May 2007

I love Robert Kiyosaki's book 'Rich Dad Poor Dad'. It shows you how the wealthy think and why it is that they get wealthier as the years go by. When I changed my outlook on money I realized that thiings started tilting in my favor. Robert mentions in his book that you can be smarter than your banker. This is so true, you just need to know how. If you knew how to avoid paying the bank fees for an account that pays you no interest for your money would you still be giving your money away for free? You can't totally avoid bank charges but you can pay much less than you are paying now.

Personal Finance So how exactly do you avoid bank fees as much as possible and keep your money? Here are a couple of tips you can avoid your banker taking your money.

Use debit cards - I have found from looking at my monthly financial statements that making withdrawals or deposits in the bank cost much more than doing so at the ATM. However, there can be surcharges on ATM transactions so be weary of frequent use of your debit card.
Reduce frequency of transactions inside the bank. It is important for you to have a budget and work with it. This way you know how much money you will need and this can limit your visits to the bank. Some banks offer a no-fee checking account provided you do your banking via ATMs. Bank tellers should only be visited if there is really something you cannot do fromt he ATM or the ATM is out of order.
Free can mean many things. When businesses advertise 'free' giveaways, there's almost always a catch. The free is a calculated cost and with banks you pay for the 'free'. Make sure you know what the benefits to the offer is. Sometimes you'll find that if you keep a minimum balance required by the bank then they will give you 'free' checking.
This one I found on Money101 and they say invest in the bank. Some banks offer no-fee checking accounts to shareholders. Speank to your bank and ask if they offer special deals to shareholders. If they do, it is time for you to buy shares after all it's an investment for you and it earns you money!
Link your accounts. When you use linked accounts you can then meet the minimum required balance in order to avoid service charges. In this scenario the bank would combine all your account balances into one and you could then qualify for the minimum amount needed to not pay service charges.
Know your options. For example there are things such as overdraft protection for which you must pay a fee if you bounce a check. However, you should watch that your bank does not surcharge on a daily basis. Rather pay off this overdraft within a month. You can buy cheap checks if you want to order in bulk by ordering directly from the printer and not buying from the bank. You save anywhere from $10 - $30.
Maintain a healthy financial record with your accounts. This gives you bargaining power in the future for discounts and better services on your account.
Before opening a new bank account, shop around for a better deals and value for your money.

I have learnt from experience that your banker will not always tell you the options available to you if you do not ask. They'd rather keep you in the dark because that way they make more money out of you. Knowledge is your best friend. Always learn for more ways to keep your money for yourself. It is what the rich do so why not start doing what they do and be rich too!

"It is not how much you make that counts but how much money you can keep ." - Robert Kiyosaki

Comments (11):

Sven Says: Imagine how much more I can save now that I know this, thanks! | 05.29.2007 |

Josh Says: The bit about keeping a good financial record is true. I paid off my debts and kept a clean slate for a year and my bank called me up to offer me a better rate | 05.29.2007 |

Nelson Says: Ignorance is bliss. Not! Until now I didn't know there are so many other ways to save on bank fees other than point number 2 | 05.29.2007 |

Bruce Says: If one is in the know one can really save your money since everyone is after your money especially the bank. Thanks for this Kev | 05.29.2007 |

Keisha Says: I admit I never gave saving on bank fees much thought until now. Good post | 05.29.2007 |

Pierce Says: For a while I've been looking for ways to save on bank charges. I'm being ripped off as I'm sure most of us are | 05.29.2007 |

Anthony Says: I will start outsmarting my banker right away thanks for the info | 05.29.2007 |

Martin Says: Now you tell me :) | 05.29.2007 |

Ruth Says: I just discovered your blog from a friend of mine. This is good advice thanks and I will put some of these tricks into practice. Always happy to outsmart the banker | 05.29.2007 |

Pearl Says: Don't think the banker would like his money taken from him but who cares this is consumer revenge. Excellent post Kevin | 05.29.2007 |

Kimberley Says: Shopping around the banks before opening an account is really good advice. I did this and found that the difference in charges was as much as $50 | 05.29.2007 |

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Bank Fees, Outsmart Your Banker

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