Mom’s Money

How Much Are You Paying In Bank Fees?

I never used to pay attention to the small amount of money trickling out of my bank account for service fees, ATM transaction charges, and the like.  It never seemed to amount to THAT much… but, how much do you consider THAT much nowadays?

If you’re one of many folks working for an hourly wage, look at your bank statement again, add up those fees, and translate that into time spent at work.  Did those service fees and ATM transaction fees add up to an hour of your time or even more?  If you pay the bank the equivalent of one hour’s wages every month for a year, you’ve just given up 12 hours of your working life to your bank.  Would you go and sit in your bank’s lobby for 12 hours instead of go to work?  Oh, goodness no.  You can’t afford to miss 12 hours of work!  So, why would you just hand them your hard earned money?

Banks are in a real pickle these days.  They need our money, desperately.  Some banks are trying to get more of our money by raising their service fee rates, but other, smarter banks know that the real path to survival is lowering or eliminating fees in order to get and keep our business.

Here’s what every frugal Mom needs to do today.  Get out your last bank statement and review the service charges and ATM fees.  Once you know what you are typically being charged, visit your bank and discuss your options and any special incentives they may have to keep your business.  If what they tell you doesn’t inspire you to stay, visit another bank and have them pitch you their reasons why you would want to bank with them.  Visit a third or fourth bank, if necessary, to find out what everyone has to offer.  Some banks will offer free checking with a minimum balance, some will offer free ATM use at any ATM machine, reimbursing you for any charges you incur outside their bank’s ATM machine.  It’s no longer about the free toaster or calculator, it’s all about the money!

Time to play a little hardball, Mom.  You may have had a relationship with the same bank for years, but if they are not willing to work with you to save you some money, they are not showing the love you thought they were.  Time perhaps to break off that relationship and move on.  It’s your money… hang on to more of it!