Money Tips - Banking Fees

By Stephanie Boyle

After you find out where your money is going, your second step is trying to change where it goes and save as much money as possible. I found my biggest waste of money tended to be the outrageous banking fees I was paying for them to hold my money. So I started looking into ways to get that fixed and get around those fees.

Where my biggest expense was banking fees, banking fees is my number 1 money tip. I realized that by me not paying attention the the fees I was being charged and the account type I had, I was being charged needless fees. these needless fees add up when you're paying up to $100CAD a month on them. Add that to the additional $37.50CAD NSF fees or for late loan payments and it definately adds up over the run of the year. I looked into it and found out by switching account types I was saving about $50CAD per month, and with overdraft protection I was cutting out completely the NSF fees I was receiving. Some fees I was even able to get them to refund as I was informed it was an error based on their part.

This is a big way of saving money that some people just don't realize. I was in the dark until I started researching about my bank. Knowledge is the best tool you can have when you want help. When you have the knowledge of what to ask and know about their products they will help you as best as they can. They will also do whatever they can within their ability to get you what you want and need.