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Are You Getting the Best Bank for Your Buck?

As you probably already know, the 2% Payroll Tax Cut that was implemented in 2010 expired as of January 1, 2013. This means that your take-home pay may be slightly less than what it has been for the past few years. A smaller check may be causing you to think two, three, or even four times about how you spend your money and where you can cut back on expenses. The first factor that came to mind for me when I began considering how I can save money was eliminating small expenses that add up to larger expenses. An obvious solution is spending less on fast food and taking the time to cook at home but, during a recent conversation with my sister regarding bank fees, I decided to do a little research and see if I was getting the best bank for my buck.

In 2010, new regulations were placed on banks in favor of the consumer. Banks soon began to lose money and from a business perspective, they were forced to come up with new ways to make money. These days, it seems like the consumer is paying for convenience and service. At some banks, there are monthly fees just to have an account. You may also be charged fees when you use an ATM of a bank that you don’t have an account with. You will not only be charged a fee by the other bank but, your bank will also charge you a fee for using an ATM that is outside of their network.

Fortunately, there are ways to get around these fees. To avoid the monthly fee, consider setting up direct deposit, maintaining a certain balance in your account, or even banking with a credit union. Try not to let a $2 transaction fee add up to $100 over the course of a year. Take a look at some of the resources below that compare banking fees and help you determine which bank might be the best for you. Make sure you’re getting the best bank for your buck!


The 21st Century Lifeskills Handbook: Managing Money by Saddleback Educational Publishing
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