7.30.2008

wanna save $500 a month?

Yahoo-Finance posted some quick tips from ConsumerReports.org...

Here's one of my favorites...

Stop Paying Bank Fees
Average savings: $25

The American Bankers Association says 52 percent of consumers spend nothing on bank fees each month. But somebody's paying fees, and lots of them, because the Federal Deposit Insurance Corp. says banks collected $39 billion in account fees and penalties last year. That works out to an average of $28 per month per household. But with some planning, you can pay zero.

How to Do It

Bank at a large institution with lots of ATMs in convenient locations to avoid the cost of using other banks' machines—as much as $4 per withdrawal. And use the no-fee cash-back option at supermarkets.
Shop for free checking and strictly adhere to provisions for a minimum balance, direct deposit, or other conditions to avoid monthly fees. Keep track of checks, withdrawals, and debits to avoid overdraft fees averaging $27.

See how much an average overdraft fee costs?
$27. I know I've paid more than that before.

You know...the loans from Web sites like paycheckatm.com only cost about 15% of your loan. So if it comes to paying $27 in overdraft fees or paying $15 to get a $100 cash advance, it seems smarter to go with the lower number.

That reminds me!!

I just read this morning. Payday loans from sites like paycheckatm.com and usapaydaylenders.com can now lend up to $1200. It might not say so on the Web site, but I'm pretty sure the offer will be available when you apply.

2 comments:

Jonas The Boxer said...

I saw a commercial this weekend for National Bank and they are going to start paying for your ATM fee's... Just goes to show you how aggressive these banks are getting to keep or earn your business.

reality pay check said...

Jonas...I know! They're really pushing that ATM thing.