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Home > Power & Fame > Money Matters

Get Maximum out of Your Bank- Part 1

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Written By: Vivek Sharma

Have you ever thought what banks are supposed to do and aren’t they supposed to help and guide you in saving your money? Well the answer is obviously yes, wait a minute, what about an ever-growing legion of bank fees, ATM fees, and other expenses that can surely affect your bottom line more than you might imagine. There is no doubt that all these expenses can hobble the budgets of even the most prudent planners.

So what’s the way out? Time to time online business magazines have been providing various tips and points to be kept in mind while choosing and dealing with banks. But how many of us ever contemplate on them. We personally feel it is possible to turn the tables at least in some key areas, though. So, here we are to make you understand how to get your bank to give’th rather than take’th away.

We’ll go through ten steps to be taken while choosing a bank in two installments, so that you aren’t at loss.

Get Maximum out of Your Bank

A) Choose the right bank:
This is the most essential step put forth. If you recently relocated to a new city or you’re just starting out in life, don’t open an account at the bank you first come across. Instead, try to shop around, get in touch with your friends, colleagues, and ask plenty of questions. After all, you’re looking for a bank that provides free checking, direct deposit, online bill paying, prompt customer service, decent interest rates, convenient branches, and ATMs.

B) What is the minimum-balance required:
It has been seen that many banks usually charge monthly fees for failing to maintain their minimum account balances. In case, your chosen bank fails to meet those requirements, consider taking your business or account elsewhere. Always look for the bank where you can get the fees waived off, if you have your paycheck deposited directly into your account and if you don’t do face-to-face business with tellers.

Get Maximum out of Your Bank

C) Beware of “Over-Courteousness”:
Be spontaneous in saying no to “courtesy overdraft protection.” Else you could end up paying as much as $39 for each overdraft from your checking account. For more convenience, there is no harm in linking your checking account to your savings account, credit-card account or home equity line of credit. This is just to get some security.

D) Thorough Advance Planning:
How do you feel; when you’re going out on a weekend night in an unfamiliar territory? Same happens when you go for selecting a bank. Remember to do a quick online research to check whether your bank has handful of ATMs and that too where you’re heading. Otherwise, getting cash from another bank’s ATM will probably be double-whammied with fees and charges levied from that bank and your own bank.

Get Maximum out of Your Bank

E) Making wise money move:
If you are in a habit of traveling to various countries, you are bound to use ATM machines to withdraw cash. Though all the banks have gone global but still you are hit with enormous fees. Same can be said for the credit-card currency-conversion fees which might wallop you. Thus, the wise step is, before leaving town, browse through business week magazines, to find out which credit card to use while traveling. Also don’t forget to check with your bank to see whether it has ATM alliances with banks in the countries you plan to visit.

Well this is just the beginning and in next part we’ll discuss another five steps to be taken while selecting the bank, so that everything goes on smoothly.
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  • Posted: 15 Sep 2008
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