Modify Your Banking Practices

Posted on: 17 December 2020


Banking doesn't need to be complicated or costly in order for you to acquire access to your cash or to transfer funds. If you have been struggling with maintenance fees, overdraft costs, and long wait times to speak to a financial advisor, take a closer look at your personal account and make some adjustments in how you manage your money.

Choose A New Bank Or A Different Banking Setup

Financial institutions impose fees that may be a result of not having a base rate deposited in your checking or savings account or may be associated with the use of an automatic teller machine and the number of withdrawals that you make. There are many financial institutions to choose from, including physical branches and online entities.

If you haven't explored alternate banking options, you may be paying more for your current account than if you were to open an account through another financial institution. Some banks offer bonuses that are associated with opening a new account and there are institutions that do not require patrons to deposit a specific amount or maintain a base rate, to ward off financial fees.

Look over your banking statements for the last year and calculate the amount of money that you have spent in fees, in comparison to the amount of interest that you accrued or the amount of money that you were actually able to save.

If you do not see much of a difference in the totals or if you notice that your banking fees have gradually increased, either seek a new account at a different institution or make an appointment to speak to a financial advisor at your current branch, to discuss some alternate checking or savings account options that will be less costly.

Use Phone Or Online Services

Stopping by a bank to complete a physical transaction may be irritating, especially if you choose to complete your banking during peak hours or if you often need to rush to make it to the bank before they close for the evening.

If you haven't done any phone or online banking before, you may discover that you are able to handle the majority of your business from home. Some banks offer after hour assistance, which will involve speaking to a customer service representative who has access to banking information for all of the branches of a financial institution.

There are also a series of services that can be accessed by pressing the numbers on your phone's keypad. If you use your bank's website to access your personal account, you can stay up to date on when checks clear or how much money you have without needing to incur the types of fees that you may have dealt with by using an alternate inquiry method.

For more information about a banking account, contact a local financial institution.