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Saving Money on Banking

Category Banking
Bank Column
Banks often charge a wide variety of fees. This is a guide about saving money on banking.
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Share on ThriftyFunThis guide contains the following solutions. Have something to add? Please share your solution!

By 3 found this helpful
November 10, 2010

In my frugal life, I cut all corners that I can. I would like to share this with those people who are unaware that if you have a checking account, the bank where you do business will: make copies, fax papers, notarize papers, and make your money orders - all for FREE! I use to work at a bank, so I know this.

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By Missy from OH

Comment Was this helpful? 3

By 6 found this helpful
September 19, 2011

I am currently banking with Wachovia, soon to be Wells Fargo. Every time I use my debit card, $1.00 of my money in my checking account gets transferred to a Way-to-Save account. Every time I transfer from one account to another on-line, they also put $1.00+ in my Way-to-Save account.

Now, I know this is my money, but I wouldn't have "saved" it otherwise. Just being in a separate account keeps me from spending it. And I don't seem to miss it from my checking account. Sometimes I really do need to get into that money, but it starts rebuilding right away. I love seeing it mount up and in a strange, but lucrative way, I spend money to save money. See if you can find a bank that offers this service. For whatever reason, this seems to help me a lot and I'm very glad I have this.

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By Sharon from Silver Spring, MD

Comment Was this helpful? 6

By 5 found this helpful
February 5, 2010

Our college freshman recently overdrew her checking account by $8 when paying for this semester's books. We contacted our bank (which holds all our accounts, including investment accounts) and explained the situation to them.

They reversed the bank and the merchant's overdraft fees which totaled $61. We then added overdraft protection (no charge) which will transfer $50 increments from her savings account in the event of a future accidental overdraft.

Our bank graciously extended this to us because we have never had an overdraft and it was to keep a long term customer happy. When an unexpected event occurs, ask the bank to reverse the charges. You may be pleasantly surprised at the willingness to help you out.

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By skibum1910 from Prospect, KY

Comment Was this helpful? 5

September 22, 20081 found this helpful

For senior citizens, check with your bank to see if they have any special services for seniors. I questioned some things on a bank statement regarding a debit payment that I did not authorize. In the process I asked about another item from when I had ordered new checks because the amount was wrong from what I had. The employee said why order checks as I had been doing when I could get new checks through the bank for free. Granted they don't have special pictures on them, but at my age, I don't need special pictures. She also said with this type of account, if I used an 'out of system' ATM, I would get the charge for that system, but I would not get a charge from my bank, too, as I previously did. Saving even the little amounts add up over time. By the way, I bank at National City. Check with your bank to see what services they have for seniors.

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By Linda from Bloomington,IL

Comment Was this helpful? 1

September 21, 20070 found this helpful

Tips for saving money on bank fees.

Do The Research

Banking is an extremely competitive business and there are many banks (at least where I live) that charge few or no fees. They tend to pay less interest on savings accounts but what bank pays much interest anyway? The fees more than eat that up. For example: my old bank used to pay about $10 quarterly interest on an account of $800. But they charged a fee of $15 a month on balances under $1,000. That's a loss of $50. Do some research and you can save a lot.
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By perfumed fan

Direct Deposit

At my bank, if you sign up for direct deposit of your paychecks, that makes you exempt from lots of fees. I no longer get hit with a minimum balance requirement fee, I can get free cashiers checks, they will count my change for free, etc. Ask at your bank!

By Becki in Indiana

Avoid Overdrafts

One overdraft fee can add up to more than all the little bank fees combined. It is very easy to overspend on your debit card if you don't keep good track of your finances. Many people have incurred an overdraft on a small purchase, making that overpriced latte even more expensive. Make sure that you have overdraft protection set up so that your bank will transfer the missing funds from a credit card or savings account.

By Jess

Read The Paperwork

There are lots of ways to avoid bank fees, but the most important thing you can do is to read and understand your paperwork when you open the account in the first place. All banks are required to disclose any fees associated with the account and if you just read the packet they give you, you can save yourself a lot of time and trouble later on. Forewarned is forearmed.

By mrsloo

Bank At A Credit Union Instead

Don't use a bank. Go to a credit union. Get direct deposit wherever you decide to bank. This is a hard question for me to understand because I have no bank charges. I get my checks free because of my direct deposit. I do not have to pay for checks or anything.

By Carol in PA

Watch The ATM Fees

Be sure to avoid out of network ATM's. They can charge you as much as $3.00 for each transaction. Better yet, just get cash back when you purchase something at a store.

By Fletcher

Do you have any more ideas to share for saving money on banking fees? Feel free to post them below.

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By 0 found this helpful
August 29, 2007

If you're fortunate enough to travel overseas, first check with your credit card company about any daily fees and what their policy is on the Monetary Exchange Rate.

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Kelly Ann Butterbaugh0 found this helpful
April 16, 2006

ATMs are a wonderful blessing. They allow the freedom to bank any time of the day and provide instant access to cash. This is what I once thought, but now I wonder if they are the blessing they seem to be. Instead, I find them to be thieves in bankers' clothing.

Cash Machine, ATM

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Teresa Kaufman0 found this helpful
January 21, 2005

I realize most people have already made their resolutions for the New Year, but try adding one more. Decide that you are going to get the biggest bang for your buck out of your banking services this year.

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By 1 found this helpful
September 24, 2009

I was ill for some time and unable to keep up to date with my finances and the organization of my bills. I incurred several late charges over the period of one year. I would pay my bills, but they would be between 1-4 days late and I would receive a late charge.

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January 26, 20060 found this helpful

A great way to save money is to work with a bank that has online banking. You can see where your money is going almost immediately...

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December 15, 20050 found this helpful

Bouncing checks almost always ends up being a lot more costly than sending in a late payment. Not only do you end up getting the late charge, you also get a 25 to 30 dollar fee from your bank.

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August 11, 20050 found this helpful

My husband and I have a debit card that was causing us a lot of problems. He'd use the card for everyday expenses (gas fill-ups, etc.) and forget to record the purchase and vice versa. Unfortunately, there were a few times that these slip-ups cost us $30 overdraft fees!

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By 0 found this helpful
February 3, 2009

Check your debit card charges often. Central NY area has had a rash of unauthorized charges. Chase Bank told us that criminals can get your info from certain ATM machines and make a workable card for themselves.

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July 20, 20160 found this helpful

This is a guide about saving money on checks. There are a number of options for buying checks, from your bank or retail suppliers.

Writing a check

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July 18, 20160 found this helpful

This is a guide about online banking advice. Today much of your banking transactions can easily and securely be done online.

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March 4, 20140 found this helpful

This is a guide about using credit unions. Credit unions are member owned and governed by elected board members. Often membership is limited by employers.

Woman Speaking with Credit Union Teller

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By 0 found this helpful
March 15, 2007

Where I bank, they have a minimum balance requirement to avoid monthly service charges. Since my checking account seldom contains an excess, I was being dinged for $2-3 each month.

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October 6, 2006

Banking Tip - Loan Changes. Spoke to my banker at the credit union today. He mentioned how things are changing they no longer add on to existing loans. . .

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June 15, 20060 found this helpful

If you have a credit card you have probably received balance transfer offers which offer to lower your interest rate. Make sure to factor in the balance transfer fees and to look at the actual interest rate before accepting one of these offers.

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