林晟

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Many banks and other financial institutions have been singled out by the media for their relatively high monthly service charges. If you are serious about wanting to find a financial institution with lower fees, you need to be analytical and do your homework. Here are the steps I took in analyzing the possibility of selecting a new financial institution.

Know the services you need.

There has been a lot of focus on monthly service charges for debit card use. While there are financial institutions now charging for debit card use, if you are like me, I do not use a debit card. If my financial institution charges for debit card use, I do not know it from my monthly statement. Typically, customers have a checking account and some sort of ATM or debit card associated with that account. With my primary bank, I have a checking account and an ATM card. I also have a savings account co-owned with each of my children at another institution that is a higher yielding money market account with limited transactions permitted per month. Keeping your accounts minimized helps you keep higher balances in each, often necessary to avoid fees altogether.

Understand the fees.

I walked into my bank's nearby branch and talked to a branch manager to obtain a list of fees. I asked questions to understand required balances, how fees are calculated, and options for avoiding fees associated with my current account. You might find that you have signed up for services you do not need or want, associated with maintenance fees. For example, electronic statement delivery often avoids certain monthly maintenance charges. Because changing bank accounts is a hassle, I worked with my current bank to restructure my account and its services.

Now that you know the services you need and what you are currently paying, if you are dissatisfied with your current fees or are simply curious, begin to shop around. Ask friends, work colleagues, and relatives about the banks they use and would recommend. Use the online resources of the financial institutions you are considering to make sure they offer the services you have determined you need and locate a fee breakdown. Closely consider minimum balances that might be required to avoid fees and be sure you understand how that minimum balance is calculated. What if you have a single day during the month when your balance falls below the minimum level? Does that trigger a monthly fee?

Another area of focus is the overdraft fee. Most institutions allow you to overdraft with some sort of credit arrangement or another account tied to the checking account and many institutions are offering some type of grace period. If you are someone who runs pretty tight each month, try to locate a bank that grants a grace period during which time the account can be overdrawn, no questions asked. These accounts may have higher maintenance fees, however. But if you overdraft frequently, a monthly maintenance fee might be cheaper in the long run if you avoid overdraft fees and bounced check charges.

I was able to find a financial institution that was paying approximately 1% more for a money market account than it was for a statement savings account for similar balances. A money market account has limited transactions (usually 6) permitted per month, but it proved perfect for holding college savings for my children. They maybe add to the balance once per month from their babysitting money, birthdays and holidays, and they are not supposed to withdraw money until college.

I looked at credit unions in my community. There are typically a couple of credit unions in every major community that have what is known as a "community charter" meaning that you must live, work, or worship in the community served by the credit union to join. Most credit unions require a minimal membership fee, usually $5, and most credit unions have informative websites for you to investigate. Credit unions typically offer all of the same services offered by any community bank but, because they are tax exempt, they typically charge a combination of lower fees and offer slightly higher rates on checking and savings accounts. Your employer might also provide membership access to a credit union, particularly if you are a municipal employee or work for a large employer.

I joined a credit union when I found terrific auto loan rates when I purchased a used car from my father-in-law. I could have moved my bank account to the credit union who would have taken my payment via automated debit, obtaining a further 0.5% reduction in my auto rate at the time. I chose not to due to a line of credit associated with my current bank account and the hassle of moving money into the credit union timed for the automated debit.

I found that when looking at another financial institution, it is also a good time to take stock of all of my open credit card accounts. A new institution might have an introductory offer on a new card as an enticement to open a new account. But do not maintain a large number of open credit cards, especially ones that charge annual fees. Most consumers do not need multiple cards of each type and can secure a card that charges no annual fee by doing a bit of shopping. Websites like www.bankrate.com can be useful for comparison shopping.

Finally, I was ready to assess my options. I stayed with my current institution because it offers the critical services I need. I made sure I was able to understand where fee triggers lie - minimum balances, for example. I put pencil to paper and did the math, estimating new fees, if any, and chose not to make a switch. If you do decide to change financial institutions, be prepared for a 30-90 day process for making the financial institution change.

I took an analytical approach to understanding my bank fees and in seeking new financial institution options. No one takes the process of changing bank accounts lightly because changing banks can be a hassle. But, I found it worthwhile when I found a new institution offering a great rate for my kids' savings accounts and often there are great deals out there.

本文出自 Mr.J ....