Monday, March 31, 2008

No Fee Bank Account

So i recently decided to open a no fee banking account. We all know that banks charge fees for everything and this contributes to their always rising profits (US housing crisis not withstanding). There are probably a lot of people who will clip coupons to save a few cents on an item, yet they don't pay any attention or have no idea what they pay in bank fees every month. It would not be uncommon to pay $5, $10 or even more a month for using your bank account. This may not seem like a large amount, but over the course of a year this can add up.

I sat down and figured out that over the course of 19 months i paid $99.45 in fees. That is over $5/mth on average. I don't write many cheques and hardly ever use an ATM card though. For those that make a lot of ATM transactions or pay for unlimited transactions, that could really add up.

If you are interested in a no fee account you can find out about it here. I would highly recommend doing this in person as it only takes about 10 minutes. I did it online and it was a real mess.

I will take my $5+/mth and invest it or use it for something i enjoy. Let's face it, $5/mth in banking fees do not enhance my life in any way.

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