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Banking Tips
Shop For Services
Financial institutions vary in the services they provide and in their charges for those services. Shop around for an institution that offers the services that you want and whose fees are competitive.
Select Your Account Carefully
Most institutions offer several types of checking accounts and several types of savings accounts. The fees you will be charged for these accounts may vary depending on the types of services that are provided, the number of times that you use those services, and the amount that you keep on deposit at the institution. If you do not need elaborate banking services, or can keep a certain amount on deposit, you may be able to reduce your fees substantially by shopping around.
Avoid Activities That Will Result in Charges
Many fees are based on whether you engage in specified types of financial activities, such as using another institution’s ATMs, writing a large number of checks, or allowing your account balance to drop below a specified level. By taking special care to avoid these events you can reduce the fees that your account will be assessed.
Keep Careful Track of Your Balance
Losing track of your balance can result in your writing checks on insufficient funds (i.e., bounced checks). Not only can this result in substantial fees being charged by your financial institution, but retail merchants that accept checks for payment sometimes impose additional charges as well.
Take Advantage of Specially Priced Accounts
Institutions offer low volume accounts that have lower fees. You should check with the institution about what accounts of this type it offers.
Take Advantage of Specially Targeted Accounts
A number of institutions offer accounts that are specially targeted to certain groups, in particular to senior citizens. (Note that the age for determining who is a senior citizen varies from institution to institution). A few institutions offer youth accounts. These accounts almost always have reduced fees.
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