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The fees and costs associated with banking can add up quickly but there are a few methods and tips that you can use to reduce the costs significantly. When you want to know how to save money on the cost of banking the simplest thing that you can do is be prepared to read the fine print and shop around to save.
Where to Cut Costs
Learning how to save money on the cost of banking can include looking for a new bank if you are paying too many fees. For example, does your bank charge you each time you use your debit card, or does the bank penalize you when your balance is below a certain amount? Even small fees can quickly add up and cost you hundreds of dollars per year. Some banks offer free checking accounts to new customers. If you want to use an offer like this to help you learn how to save money on the cost of banking then make sure that the offer isn’t for a limited time. Free banking should be free from the time you open the account onward, not just for three or even six months.
Read the Fine Print
You can often learn how to save money on the cost of banking by taking the time to read the fine print on any paperwork associated with the account. Fees associated with checking and savings accounts should not be hidden and are usually found in the section that is labeled fees within the contracts you sign for the account. Other banks also have options that include either fee related services and free services. If you can reduce the number of services that you use that take fees then you can also save money. Make sure you understand which services are free and which aren’t when you need to know how to save money on the cost of banking. Something as simple as asking whether or not the service is free can save you money over time.
Shopping Around
Learning how to save money on the cost of banking can also include shopping around to find the best rates and the lowest fees. Most people choose a bank that is conveniently located and friendly, but the closest bank isn’t always the best option when you want to save money. Instead of choosing a bank based on location you will want to choose one that offers higher interests rates on savings accounts while also offering the lowest fees. Free checking is one of the best ways to save money, but you will also want to consider the costs of things such as overdraft fees and account insurance to save money over time.
Author bio: Frank Harrington is a freelance writer who likes to spend his off time playing video games and working on the Great American Novel. He writes for InsuranceComparison.net, where he examines all kinds of insurance. He recently looked at difference term whole life insurance.