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For the last time the way of banking have changed very much because of computers and internet, but one thing didn’t change – the bank fees, that we pay even using online banking.  Let’s try to understand what kind of banking will help you to avoid high fees.

Do you pay a monthly fee when save money with a bank account? Even a no-fee account costs you money, because you probably have to keep a minimum balance, to avoid monthly fees. This money could be invested into interest-bearing account or CD and bring more money.

A bank can offer you a free checking of your saving account with minimum balance. It would be the best bet for you, because more of your money will work for you, at the time you can keep in your saving account as much money as you need to pay immediate bills.

Analyze your habits and decide what kind of account will be better for you. For example for people who always dip below the minimum balance shouldn’t have “free” checking, because if your balance goes below the minimum you will have to pay a fee.

For those who usually keep a significant balance in an interest bearing bank account it would be better to keep money in a bank that calculates customer’s minimum balance and interest. In such case even if customer dips below the minimum balance once a month he or she won’t be charged a fee.

Borrowing Money: when you borrow money the differences in banking costs are the biggest, but a lower interest does not always means that you will save more money. Some factors as points, fees, closing costs can cost even more than low rates.

You can save on check printing as well, just instead of high bank charges try to use discounter or checks in the mail. You will pay only $5 for 200 checks, instead of $25.

ATM Fees: Try to use Automated Teller Machines that don’t charge a fee. Don’t you think that it’s overly to pay for using your own money?

Overdraft fees: Balancing your checkbook every month and not bouncing checks you can save $100 a month. Fees for a check written against insufficient funds are $20-25. You can easily bounce 2 or 3 additional checks if more checks clear before you are aware of the problem.

Online banking: There are two ways of online banking: internet-based and client-based. You can dial in to the bank’s computer using any computer with a modem and use the bank’s software with internet-based banking. And you can download information from the bank into personal finance software that resides on your computer’s hard drive with client-based systems. Internet banking is the most convenient way of banking, that lets you save time and money.

It’s always easier to save money than make it, and we hope that after reading our article you will make the right choice in banking services.