BANKING BASICS & WHAT TO LOOK OUT FOR 5
August 13, 2008 by ren
Filed under Corporate Finance
Banks provide necessary services, but they are there for the money –your money. They are always cooking up new ways to charge you fees: miscellaneous fees, maintenance fees, online banking fees, excessive transaction fees, teller fees, etc.
Do not be taken in by offers of “no monthly fees” checking accounts. You can bet your bottom dollar the bank will make up for this freebie through some other fee.
Take time to shop around for a bank. Scrutinize their fees. Read the fine print. Keep records and study the entries. Avoid the charges that you can do without the next time around. Talk to the bank manager. Choose only the services that you really need.
image from Microsoft Clipart
Actually, regarding no-fee or low-fee accounts I found that coast capital credit union really has great fee structures. This might change in the future, but even for a business account you can pay less than $5/month on service charges. Check it out!