Stop Wasting Money in Bank Fees

One of the key pieces of advice that I give is to audit your spending to see where you are wasting your money.

Stop Wasting Money in Bank Fees

One of the key pieces of advice that I give is to audit your spending to see where you are wasting your money. In an audit, you are focusing primarily on costs and fees. So often, we are spending money or over spending on services that we don't even need. This happens especially at banks!

One example is how a bank handles overdraft fees. Many banks can charge up to $195 a DAY in overdraft fees if you unknowingly make a mistake in your account! A recent survey by www.mybanktracker.com had these telling results:

  • Americans wasted nearly $3.5 billion* in monthly maintenance fees last year at the top 5 US banks alone
    • That’s at least $289 million* every month at the top 5 US banks
  • 70.6 million US households, nearly 64 percent, had <$1,000 in checking accounts - leading to monthly fees if they don’t use direct deposit
  • 67.7 million US households, 61 percent, don’t use direct deposit, an easy way to avoid monthly fees
  • 41 million US households, 37 percent, had at least one overdraft
    • 7.7 million US households, 7 percent, had 5+ overdrafts

The banks are making profits at your expense. The good news is that there are tons of resources available at the touch of a Google search that can educate you on what fees provide a good value and what fees are a waste of money. Mybanktracker.com actually takes you through a process o matching up banks to your own personal needs. You can find out more information at the above site. Successful stewards of their money know where their money is being spent and why. Take control of your spending and make sure you are not unnecessarily adding to some banker's bottom line.

Comments
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BobBrooks
BobBrooks

Editor

@atkinsww1 - the key is you taught them well! Things we not only forget to vet. We forget to teach our kids

atkinsww1
atkinsww1

When it was time for my kids to get a bank account I explained the first rule was to not pay the bank anything. After that, if they earned interest, got free checks, etc., that was gravy.

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