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SMALL BUSINESS
10 Banking Moves
You Should Make Now
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Most people assume that by keeping money in the bank they are saving money. The truth is that banks have come up with all kinds of ways to separate you from your money if you aren't careful. Many people are not only lending money to the bank but also paying the bank to let them do so.
To ensure that your money works for you and not for the bank, here are 10 banking moves to make now:
Full Article From TheStreet
Next: First Move to MakeMore Banking Tips:
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No. 1: Move your money to a high-interest online bank. If you are keeping an emergency fund or other money in a savings account that is earning little in interest, you should move your money to one of the many online banks that are paying far more than the typical bank. There are over 15 online banks offering five percent or more, and many require only a dollar to open an account.
Next: Free ATMMore Banking Tips:
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AP
No. 2: Find a bank that offers free ATM withdrawals. If you use an ATM regularly and pay a charge for using it, it's time to change banks. There is enough competition in most areas that you can find a bank that will offer free ATM use. It's worthwhile to check credit unions in your area, since they are more likely to offer free ATM use, but it's important to note that since they are smaller than most banks, they may not have a widely distributed ATM network.
Next: Consolidate AccountsMore Banking Tips:
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No. 3: Consider consolidating your accounts at one bank. If you have several bank accounts at different banking institutions, it can make financial sense to consolidate them at one bank. Using a single bank for all your accounts can give you leverage to get discounted services. For example, if a bank requires a $1,000 minimum balance to earn interest in a checking account, it might waive this minimum if you also have a large CD deposit with that bank.
Next: Direct DepositMore Banking Tips:
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No. 4: Set up direct deposit. In addition to saving you the time of having to go to the bank each pay period to deposit your check (and the incidental costs associated with that), direct deposit can also give you leverage when negotiating on checking-account fees. Although this is rarely advertised, many banks will waive checking-account monthly fees if you direct-deposit your paycheck.
Next: Courtesy OverdraftMore Banking Tips:
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No. 5: Opt out of "courtesy overdraft" protection. This "service," which essentially lends you the money to cover a check that would otherwise bounce, is also called "bounced check protection," and many banks include it as standard for all their customers. This means that you have to opt out of it on your own, which you should do. While on the surface it sounds like a great deal, it's extremely expensive if you ever need to use it.
Next: Overdraft ProtectionMore Banking Tips:
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No. 6: Apply for overdraft protection. Since you just canceled your courtesy overdraft protection, if you're worried that you might bounce a check sometime, you should sign up for overdraft protection. Your checking account will be linked to an account that will supply funds if there is not enough money in the checking account. Setting up overdraft protection should be free, although there will be a fee if the overdraft protection is ever needed.
Next: Minimal InterestMore Banking Tips:
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No. 7: Don't chase minimal interest. Most banks offer two typical checking-account alternatives: basic and premium. The basic account will have a lower minimum balance requirement, but it will usually have restrictions on the number of no-cost transactions you can make each month. A premium account will offer interest and allow for more no-cost transactions but will require a larger minimum balance to avoid monthly fees.
Next: Balance Your CheckbookMore Banking Tips:
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No. 8: Balance your checkbook. It sounds obvious, but numerous surveys indicate that you probably aren't doing it. Balancing your checkbook achieves two important goals that will help your finances. First, knowing your exact balance will ensure that you don't accidentally bounce a check. In addition, it will allow you to reconcile your banking statements to make sure they are accurate. Yes, banks do make mistakes.
Next: Online ChecksMore Banking Tips:
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No. 9: Always get checks on the Internet. You want to avoid getting your checks through your bank. Banks know that it is convenient for you to order your checks through them when signing up for your account, but this convenience is costly. You can find the same check online for about half the price.
Next: Close AccountsMore Banking Tips:
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No. 10: Close accounts you don't use. In the past, if you had money in an account, you could leave it there and not worry, but that is no longer the case. Banks frequently change the terms of accounts, and an account that is forgotten or not used could very well be drained of any money in it through newly enacted monthly fees. Even worse, once the account hits a negative balance (due to the monthly fees), it will incur even more fees for not having money in it.
Next: More from AOLMore Banking Tips:
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Get more from AOL Money & Finance
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Make, save and learn about your money! Stock Quotes Tax Guidance Personal Finance Money & Lifestyle Features
| Type | Current | APR |
|---|---|---|
| 3 Month CD | 0.92% | 0.93% |
| 6 Month CD | 1.38% | 1.39% |
| 1 Yr CD | 1.73% | 1.74% |
| 5 Yr CD | 2.58% | 2.61% |
| MMA | 1.20% | 1.21% |
| $10K MMA | 1.28% | 1.29% |
| $50K IRA MMA | 1.68% | 1.69% |
| Interest Checking | 0.64% | 0.63% |
Bank Rates Data Provided by Bankrate.com
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There are many types of bank accounts and services. Learn more about them here.
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