FDIC protected
Do you think, as many people do, that putting your money in a bank is the most safe and secure way to save? If your answer is yes, then you are absolutely right if for no other reason than the $250,000 insurance policy put in place by FDIC to protect you against loss. Yes, your money is safe and secure while on deposit in a bank, but you must be wise in your interaction with the bank in order to make sure you get the most out of this relationship.
Banks are not charitable institutions, they are profit-driven entities that charge a variety of fees and costs for all sorts of schemes to take away some of your money. That having been said, the amount savings you can derive just by utilizing some awareness in making bank transactions can really add up after a period of time and let you use your money where you want to. So included in the following paragraphs are some proven techniques you can utilize in your bank dealings and saving objectives.
Check the opportunity cost
Think about the factors that are affecting your money in the bank. Are there fees that the bank is asking you to pay for keeping and using your own money? How much? Are they requiring a minimum balance for holding an account? You might be interested in other alternatives which are available and simply awaiting your investment.
You should always factor in the opportunities that you are deprived of because your money is being held in a bank. Just sitting there and doing nothing else for you! You might also be interested in taking a look into the policies and terms of other banks. Probably the bank that can best suit your needs is out there waiting for you to discover it.
Checkbook balancing, ATM taming
Always keep in mind that you should have your checkbooks balanced at the end of every month. Issuing bounced checks can cost you a lot. The average fee for issuing checks with insufficient funds is $35. If you are not aware of the problem, you can easily issue several bounced checks in a certain period of time and this is very costly indeed.
The best practice in using ATM machines is to avoid using ATM machines at other banks, supermarkets, casinos? (definitely not those at casinos), restaurants, malls or any location other than your bank or any of its branches. Why? Because the cost of ATM fees has increased just like any other cost and can range from 1.50 to $3.50, depending on where you are. Of course it would help if to know other banks which do not charge fees.
Embrace ebanking
With the advent of globalization, everything is becoming electronic. This is also true in the banking world, and technology is quickly becoming a benchmark of competition. E-banking can save you some money from transportation costs and more importantly, it will save you time. The time you spend waiting at the bank can be used for some other productive activities.
Truly, putting your money in the bank is a safe and secure method of saving money, but only if you are smart and wise enough to prevent the bank from chipping away your wealth. In saving, it is not only the benefits such as annual returns which you should consider, you should always think about the costs involved in the process.
As a token of our appreciation the free ebook titled, Storytelling Marketing can be yours if you have any interest in the art of storytelling. All you have to do is download it here, enjoy the reading and learn how storytelling can be a powerful ally in any business or marketing pursuit!
Digital & Electronic Products – Unbeatable in Quality and Price!