Tip 76: Get free checking, avoid bank fees
My bank- actually a credit union- has a program where I get
free checking if I use my debit card as a credit card 10 times during the
month. Most banks offer some sort of
free checking. If you don't get free
checking, you can pay $10 to $20 per month or more on fees. It is worth some effort to keep the money in
your account instead of giving it to the bank.
Speaking of bank fees, the one that bothers me most is ATM
fees. You go to an ATM to take out
money, and sometimes a box pops up that says you have to pay a fee to get your
money out. For example, I wanted to take
out $10 to buy some food at some food stands at a local event. It was cash only. My usual ATM was out of money due to the crowds. I walked to another ATM- this one was going
to charge a $4 transaction fee. That
works out to a 40% fee to get my own money out!
Of course I didn't pay it. The
cost for the bank to run the transaction is
likely too small to even calculate accurately, yet they are charging
very high fees.
I like to keep some cash around so I am not faced with ATM
transaction fees if a need for cash come up.
Also, if you need to get money
out using your debit card, it is worth the trouble to find an ATM that is in
your bank's network and does not charge transaction fees. You can also use you card to get cash at a
checkout of a store as well. You can buy
an item and ask for cash when you pay with your debit card.
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