Weekly Recap: Balancing Our Bank Accounts

by Kristina on July 9, 2010 · 3 comments

Happy Friday DINKS! Today we are discussing the thing that holds our money for us…our Bank Accounts. How many of us pay Bank Fees? Did everyone raise their hand or nod their head? Now, how many of us hate paying Bank Account Fees?

As a bank employee I have one free account with unlimited monthly transactions as part of my employee benefits package.  However, my other accounts, such as my savings account, and my joint account with my Dad all have a monthly fee.

I am a bit paranoid about fraud on my bank accounts and my credit card (singular, my one credit card). I am so paranoid that I check and verify my previous day’s transactions every morning online before I take my shower.  In my line of work I see an unlimited amount of numbers every day.  If you combine this with my memory span of a goldfish, it is almost impossible for me to remember what transactions I did, and did not do.

Therefore, instead of waiting until it’s too late, I keep up to date on my account history to prevent fraud and also to ensure that I don’t surpass the amount of allowed transactions. You could say that I balance my bank account as my mother used to “balance her check book”.

My Dad’s personal financial motto is “If my bank has money, I have money.”  As we know I am not a huge fan of using credit. Therefore, this is the complete opposite of my own personal financial motto.  I like to know what is there. What came in and what went out…every single day! This is both for fraud prevention as well as money management reasons.

DINKS, my question to you is…Do you know what’s in Your Bank Account? Tell us about your monthly bank account fees. Maybe you have a plan that we should be on!

Have a great weekend :)

(Photo By AlanCleaver)

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{ 3 comments… read them below or add one }

1 Honey July 9, 2010 at 1:19 pm

I use BOA for my main checking and savings…my checking account’s monthly fees are waived because I get my paycheck direct deposited, and my savings account’s monthly fees are waived because I have an automatic transfer of $25 from my checking to my savings once a month.

My emergency checking/savings are with ING – no fees ever. It’s great!

2 Tiffany July 12, 2010 at 11:28 am

Please look at credit unions, most don’t charge any fees at for checking and savings accounts and normally have VERY low mininum deposits. Not only that the checking accounts are often interest bearing! Why pay fees when you can be earning money?

3 Kristina July 12, 2010 at 6:04 pm

Credit Unions and ING are a great alternative to the “normal” financial institution. However, I don’t think that either are full service banks and therefore we will pay less fees but we will also have service limitations. I am referring to services such as foreign exchange, money orders, and travellers cheques.

Thanks for the great info! No fees are a nice alternative to the financial institution where I work. Here are our current bank account fees:

15 transactions for $3.95 per month
25 transactions for $6,95 per month
Unlimited transactions for $11.95 per month

We charge $0.75 for every transaction when a client surpasses their monthly limit. We charge $1.50 when clients use ABM’s from other financial institutions.

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