Thursday, May 7, 2009

Check your bank statements

It is important to look over and review your bank statements on a regular basis. Many times there are service charges incurred that can be avoided. If you are receiving a service charge many times you can call your bank to discuss options to avoid such a charge. It happened to our family. My daughter had a checking account that did not have a service charge while she was a student. The statement she received after her graduation had a $6.00 service charge on it. In talking with the bank they explained that was because she was no longer a student but they offered another type of account that would not incur a service charge and also credited the charge. This is easier to do after building a long term relationship with a bank. Try to stay with one bank and give them the majority of your business. They get to know you and will try to work with you. Having most of your business with one bank also gives you leverage.

Shop banks and make sure you are getting the most for your money, try to stay with one financial institution as long as possible and build a relationship with them. Check your statements and talk with a contact at the bank that you know to make sure you pay the least amount of fees. Let’s try to keep as much of our money as possible.

Copyrighted Forgetmeknots 5/7/09

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