Welcome 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!
Do You Know Your Credit Score?
Even if you don’t plan on getting a loan, a good credit score can affect your ability to get a job, a place to live, and will save you money whenever you need to borrow. If you don’t know your credit score, you can get yours free at Credit Sesame. It’s 100% free with no credit card required to signup. I’ve been using it for years to monitor my credit score.