How to Get Your Bank to Pay You
It seems like these days, everything you hear about banks involves their greed and mistakes. In these difficult economic times, every penny counts. Everyone could use a few extra dollars in their pockets. Believe it or not, your bank can be a source of additional cash. There are a few different ways to “get your bank to pay you.” Some of the most popular methods for saving money at the bank are detailed below. For maximum savings, employ more than one of the recommended strategies.
Sign-up Bonuses and Bank Incentives
The absolute best time to get paid by your bank is when you are actually shopping around for a new account. Whether it is to be your first account or you are switching banks, you are in the best position to negotiate with financial institutions when they are trying to earn your businesses. Most banks have incentives and bonuses designed to attract new banking customers. Some of the incentives are as simple as free checks for a year, while other banks actually offer cash amounts ranging from $25 to $100. Use a bank comparison Web site to see what banks in your area are offering, and always make sure to read the fine print and do your homework before committing to one bank or another.
Earning More Interest
A great way to get your bank to pay you is to open only interest-bearing accounts. If you hold a savings account, it may or may not earn interest. You should find out if the account that currently holds your savings bears the maximum interest possible for the amount in deposit. These days, most banks also offer interest-bearing checking accounts. If your bank does not, it may be worth your while to switch banks in order to earn interest on your deposits. Compare banks and accounts to see where your money is likely to earn the most interest. Don’t forget to include credit unions in your research, as they are co-ops that generally pay out dividends to members.
Avoiding Bank Charges and Fees
One of the most common misconceptions when it comes to banking involves “free checking.” Most banks offer some sort of promotional checking account that they attempt to pass off as “free checking.” While the free checking account programs can be very attractive and beneficial, you mustn’t assume that you will avoid any and all bank account charges.
Most free checking accounts require a minimum daily balance in order to remain “free.” The average monthly balance required in order to avoid a monthly service fee on an interest-bearing checking account is around $3000. If your balance goes any lower than the minimum balance, the average monthly fee is around $11. It may not sound like much, but in a year, you are looking at $132. Multiply that by 5 or 10 years and….you get the picture.
In addition to a monthly service fee if your balance dips below the minimum balance, you may also be looking at fees for stopping payment on checks, requesting copies of checks, or even checking your balance at the ATM. When shopping around for a “free checking account” make sure to request a schedule of all possible fees and study it carefully so that you’re aware of every possible expense. It is also a good idea to check your account transactions daily or at least every few days and to be vigilant about extra fees or charges added by your bank. In many cases, you can dispute extra fees and get paid even more by your bank.
Questions and Answers
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