Comments on Saving to Inve$t: Seven Ways to Avoid Banks Taking Your Money in Fee...

Thanks for sharing such great post, i totally agre...

2009-09-03T01:57:12.452-04:00

Thanks for sharing such great post, i totally agree that there are still many other fees and thanks for sharing that banks are required to notify customers of any change in terms within 30 days, many people don't know this, so it can help them a lot.

Always maintain a minimum balance requirement for ...

2009-07-22T17:03:39.118-04:00

Always maintain a minimum balance requirement for your account. Some accounts will require that you maintain a minimum daily balance in order to avoid a monthly maintenance fee. If your balance requirement is $500, you will be charged a bank fee if your account drops below that balance on any given day of your statement cycle. It is possible that your bank will charge you $10 or more per month if you cannot maintain that balance - as I found out the hard way.

Join a credit union to avoid most bank fees.Credit...

2009-07-20T15:25:55.230-04:00

Join a credit union to avoid most bank fees.Credit Unions generally have lower fees and higher saving rates on its products. Plus, if you’re looking for a credit card, the terms and conditions are generally easier to understand compared to large commercials banks. A Credit Union membership may be set up through your employer, a neighborhood association or a church group. You may even be able to join a credit union that serves just your local community. To find out where the credit unions are in your area, go to the National Credit Union Association Web site at ncua.gov.

Excellent article. These little fees add up to a l...

2009-07-17T10:21:47.750-04:00

Excellent article. These little fees add up to a lot of money. Banks make millions on these fees and there are hundreds of them.

The competitive advantage in banking has always been about deception. Banks use to play games with lending terms and interest rates, until the government forced banks to use a standard terms defined as APR.

APR is intended to make it easier to compare lenders and loan options. The calculation and disclosure of APR is governed by the Truth in Lending Act.

Fees have become the new method for hidding costs from consumers, while giving banks a means to compete.

The sad part is that if you want to become a successful banker, you need to become very deceptive at hiding your costs from your consumers.

That also means that the banks with the 'free checking' and free this and free that, are probably very good at deception - which is why I don't use those banks.