If you’ve ever had to pay for cheques at the bank or needed to keep a minimum balance on your account to avoid being penalized or had to pay fees if you used your debit card too many times… STOP reading this post. Instead, gather up your jeans, khakis and short shorts, get a drill at your local hardware store and proceed to put holes in all of your pockets. At least now when you slowly lose cheddar, you can hear the sweet sound of jingling coins hitting the concrete as you walk around your neighborhood. The homeless will certainly get a kick out it.
Why bother trying to save money if you end up losing it to bogus fees? A bank account is nothing special these days, banks should feel privileged you’ve allowed them to keep your money safe. The second you deposit money into your account, 90% of it is loaned back to the public at a hefty vig. Without even asking you, the bank can gamble with your money for it’s own benefit. And they do, big time. What happens when they lose? Nothing, they get more money. The world is insane!
I’m not suggesting that you wake up tomorrow, march down to your branch and start spitting out coffee as you berate the ditsy teller with your complaints. No… just call them, offer up your concerns and expect fair treatment. Pick a bank that knows its place and has no banking fees, no minimum balance requirements and free personal cheques.
If you’re Canadian here is a great starting point: http://www.redflagdeals.com/features/no-fee-chequing-accounts-comparison/chequing/?page=3
If you’re American then this is a good resource: http://www.bankrate.com/checking.aspx
Learn to take advantage of the bank’s options. Use a high-interest savings account to get a taste of passive income, no matter how minimal it may be. Over the next few posts I’ll cover RRSPs, GICs, TFSAs and other nonsense acronyms put in place to befuddle the general population.