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Simple Savings Sunday #2 – Give The Finger To Bank Fees

simple savings sunday tipsWelcome to Simple Savings Sunday!  I hope you have had a good weekend so far.  This is the second post in the series and I hope you enjoyed the first.  If you missed the first one, then go jump over and see how to save by shopping around.  Since Christmas is on the doorstep, I am sure that most of you, including myself, are head down and trying to figure out how to get through the holidays.  Dealing with family members, going shopping, and travel can take up a lot of time.  I get it.  The holidays are hectic.  With all the chaos, we still have to remember to save money each and every day.  This edition of SSS is going to be about something we often forget, Bank Fees!

Bank Fees Suck!

As my friends from Listen Money Matters say, bank fees suck!  They even created an awesome podcast about them and how you can save money by not paying those pesky little fees.  Since the financial meltdown of 2008, bank fees have been on the rise.  There were easy ways to get free banking before 2008, but after, banks decided they would profit any way they could.

The government put restrictions on banks, so in order to get around it, they just either increased fees or added them to other products.  Banks earn most of their money from using your deposited money to make investments.  They use it to loan out to other customers at a high interest rate and then give you 0.10% for your savings.  It is a big win for banks.  Banks make billions of dollars on bank fees every year.  Yes, BILLIONS!

When one of my bank accounts decided they wanted to charge me fees, I packed up and left.  I wasn’t having it.  I don’t pay fees for them to use my money to make themselves money. Sorry, but that is not how it works for me.  You need to pay me for the privilege to have access to my money.  I now have bank accounts at a regular bank with no fee, a free business account, an account at a credit union, and now, an account at Simple.com.  Yes, I have a lot of bank accounts.  I do it for two reasons.  I like to keep my money in different places for security reasons, and I keep my money in places that are in my best interest.

Make The Change

With the new year coming up quickly, why not tell banks where they can put their bank fees?  The new year brings new opportunities and you can stop paying those fees and start to love free bank accounts.  They are around, but you just have to look.  Many people don’t want to deal with transferring accounts, but I can tell you that it is not that difficult.  From a man that has moved bank accounts about 9 times, it is really easy these days.  You can do almost everything electronically.  You can move accounts by setting up transfers and doing it over time.  Don’t let the thought of moving accounts keep you from doing it.  It’s time to save and bank fees should not be a part of your budget!

 

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About the Author Grayson Bell

I'm a business owner, blogger, father, and husband. I used credit cards too much and found myself in over $75,000 in debt ($50,000 in just credit cards). I paid it off, started this blog, and my financial life has changed. I now talk about fighting debt and growing wealth here. I run a WordPress maintenance and support company, along with another blog, Eyes on the Dollar, which is another great personal finance blog.

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8 comments
Dee @ Color Me Frugal says December 15

You are totally right- bank fees do suck! Luckily there are some great online banks and other alternatives out there. No reason to pay stupid bank fees when you can just switch!

Reply
    Grayson Bell says December 17

    You are right there Dee. I am amazed with so many people still paying bank fees.

    Reply
Laurie says December 15

We joined a credit union years ago, and I can’t remember the last time we paid a bank fee. I’m always amazed when people tell me they pay a fee to bank somewhere – it’s like throwing cash out the window!

Reply
Melanie says December 16

I carefully select my bank because every dollar counts. Even my credit card provider, i made sure that it fits my needs and carefully select the one with lowest interest rate.

Reply
Mark Ross says December 16

Yeah. Bank fees do suck. Fortunately, we can do things to avoid wasting our money on them. 🙂

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