Digging Deep to Uncover the True Cost

Posted Thursday, October 8th, 2009. Filed Under Financial Empowerment

EMPOWER YOU BY MAKING YOU AWARE
Maritza called me last week and told me how the Banks in the US are going to be increasing some of their fees. She saw a TV show explaining which questions to ask and what to look for to avoid these fees. She wanted to share this with you so that you can make good financial decisions.

When choosing a bank, you may want to find out how many branches they have and how accessible they are if you need to get cash from the ATM.

How to avoid Bank fees:
During these tough economic times consumers are becoming very diligent in spending. This week we decided to talk about some of the bank fees consumers can avoid.

· ATM Fees: If you use the ATM frequently make sure your bank has plenty convenient location near you. If you use other banks you might get charged $3.00 or more.
· How many checks you write a month: Some no-fee accounts limit the number of checks you may write a month and charge higher fees if you exceed that limit.
· How much funds you keep at the bank: The higher your average balance, the more likely you are to get “Free Checking with Interest”. According to a fall 2008 survey from Bank Rate.com found the average balance required for a no-fee interest bearing account was more than $3,460.00 if you want to avoid monthly fees.
· Overdraft: recently CNN Money mentioned that banks are limiting the amount you can have for overdraft:

THINGS ADD UP
I recently in the last year switched my bank and I did so based on a number of factors, one being their service charges. I have chosen specific types of accounts which allow me to write unlimited checks, go to the ATM and withdraw as many times as I want, look at my account as many times as I want, etc.

I LOOK AT ALL MY STATEMENTS:
There have been times when I looked at my different statements and I have been charged with a service charge. I call my account person up and ask her why I have been charged. She tells me this is an error and she will correct it. I ask her to credit me, even on the smallest amount, for it is my money and the banks make enought money off me and you!

IMAGINE BOOKING A SPA DAY WHEN THE COST IS ONE PRICE AND THE FINAL PRICE IS ANOTHER
So you see an add on tv or hear on the radio for a Spa Day, $100 and then you call up and then the person begins to tell you this is only for one treatment the second one is half price and this does not include the lunch, or towel service, … You get my drift. What seemed like the great deal is now going to cost you over $200. You discovered by asking questions and digging deeper.

As women we are good at uncovering the hidden costs when it comes finding those great sales and really getting to the real costs — especially finding out that your favourite stores has your favourite designer stuff on sale.

It is no different with your finances — do you want the money to stay in your pocket or theirs???

ME, I PREFER IT STAYS IN MY POCKET.

All our best,

Sandra & Maritza




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