Banking

While people think of the banks as the place to save money it is one of the surprising places where people lose money. Some research and account tracking helps you keep your money where it belongs. Here are some tips to help you.

A large national bank may offer better rates, but hit you with extra fees. A local bank may have great customer service, but few ATMs. Credit unions and online banks also have their advantages and disadvantages. Determine your preferences and compare several institutions before deciding where your money should go.

Interest rates on savings accounts and certificates of deposit will vary from place to place. Many banks offer no-fee checking accounts. If you don't mind carrying a balance interest bearing checking accounts will earn you money. Seniors and minors may get special interest rates or no-minimum accounts.

Some fees you should just never have to pay. ATM fees are a waste of money. Figure out where fee-free ATMs are near you and use them. Keep track of your balance to prevent overdraft fees. Never write a check and plan to have enough money to clear it when it is cashed. Cancel your overdraft protection. It may be embarrassing if you have your debit card denied but at least you won't be spending money you don't have.

Most banks offer online bill payment. It saves money on checks and stamps, gives you a record of payments in case of disputes and allows you to make that payment you forgot about at two in the morning.

For a mortgage, car loan, or new savings account ask your bank for their best rates. Banks like to give preference to existing customers. Show them what rates you can get elsewhere and ask them to match it.

If you believe you were wrongly charged a fee write to the customer service department. Explain the situation and why you think you were incorrectly charged. Banks don't like to lose customers and will wave fees to keep you happy.