It’s pretty hard to get by without some sort of checking or savings account. Even if you don’t use one, if you apply for a loan, they want to see activity with a bank. But, your banking habits can cost you more than you might realize. To get the most for your money, update your banking habits today.
Opt out of overdraft protection. Being able to use more money than you have can be an expensive convenience. Even if you’re overdrawn by just a few dollars, a bank can charge you $20 to $40 to pay for that overdraft. Opting out of overdraft protection means that you have to keep your checkbook balanced and be responsible in how you use it.
Whenever possible, bank with a credit union rather than a bank. You’ll normally get a higher return on your investment and can avoid some of the fees that banks use. What you did spend or hold in the bank benefits you and other members of the credit union instead of just lining the pockets of another large banking firm.
Use Direct Deposit
Direct deposit goes through much faster today than it did in the past. Now, you can usually get your money on the next business day after the deposit. Have a portion of your check put into savings so that you don’t see it… and therefore don’t miss it.
Skip the ATM
Don’t just skip using the ATM, but skip using the debit card. Get cash out of the bank for the week when you get paid, and leave the rest. You’ll avoid ATM fees, but it’s also easier to limit your spending when you have a limited amount to spend in your hand.