WHERE YOU CHOOSE TO PUT
YOUR HARD-EARNED CASH MONEY
BECAUSE YOU MORE THAN YOU KNOW.
YET 45% OF AMERICANS PAY
ANYWAY.
OUR NEXT GUEST SAYS SHOPPING
AROUND FOR YOUR BANK IS
CRITICAL TO SAVING ON YOUR
BOTTOM LINE.
WELCOME.
IT IS GOOD TO SEE YOU.
SO LET'S TALK ABOUT THESE
BANKING FEES.
WHEN THEY SAY IT IS A FREE
CHECKING ACCOUNT, IS IT REALLY
FREE?
THE GOOD THING IS THAT IT
TRIPS ME OUT WHEN I'M LOOKING
AT MY CLIENTS MAKE STATEMENTS
AND THEY ARE SPENDING ON FEES.
THE AVERAGE AMERICAN SPENDS
ABOUT $390 ON BANKING FEES.
WHEN YOU PUT THAT UP AGAINST THE
AVERAGE AMERICAN, THEY HAVE
LESS THAN $500 IN THE CHECKING
ACCOUNT.
SO TO AVOID THE FEES THAT COULD
ACTUALLY HELP YOU GET TO THAT
$500 NUMBER.
SOME THE WEIGHT THAT YOU CAN
AVOID THE FEES IS TO CHECK
AROUND AND START WITH CREDIT
UNIONS.
CREDIT UNIONS, I WOULD SAY 60
OR 70% OF THEM DO NOT HAVE ANY
FEES.
SO YOU WANT TO STOP THERE.
ANOTHER THING THAT YOU WANT TO
MAKE SURE IS THAT BY HAVING
DIRECT DEPOSIT, IT CAN
ELIMINATE HAVING THAT
ADDITIONAL FEE.
THE MORE MONEY THAT YOU HAVE IN
THE BANK, THEN THE MORE YOU
SHOULD BE AVOIDING ANY FEES.
WHAT ARE SOME OF THE FEES
THAT CONSUMERS SHOULD BE
LOOKING OUT FOR? ONE OF THE
FEES IS THE FEES TO DO ATMS.
YOU WANT TO MAKE SURE THAT YOUR
BANK THIS NOT CHARGE YOU TO GO
TO ANOTHER BANK.
THERE ARE A LOT OF DIFFERENT
APPLICATIONS FOR BANKS THAT YOU
CAN LOOK AT AND THEY WILL SAY
THAT THE NEAREST BANK IS HERE
ARE THEY ARE.
THAT WAY IF YOU ARE TAKING FOUR
DOLLARS FROM YOUR BANK AND
DOLLARS FROM THE OTHER BANK,
THEN THAT IS A TOTAL OF EIGHT
DOLLARS.
THAT IS ONE OF THE WAY THAT THE
ATM TRANSFERS.
THE OVERDRAFT PROTECTION ISSUES,
BECAUSE EVEN IF YOU HAVE A
SAVINGS ACCOUNT ATTACHED TO
YOUR CHECKING ACCOUNT TO AVOID
THE FEE, EVERY TIME THAT YOU DO
THAT YOU ARE GOING TO BE
CHARGED AN ADDITIONAL TWO
DOLLARS.
-- $10.
ONE OF THE WAYS THAT YOU WANT
TO DO THAT IS READ THAT FEE
SCHEDULE.
YOU WANT TO READ THAT JUST AS
IF YOU WOULD USE A CREDIT CARD
CONTRACT.
SOMETIMES YOU PAY A LITTLE BIT
CLOSER TO THAT AND THINK IT IS
JUST MY DEBIT CARD, BUT YOU
WANT TO LOOK AT THE FEE
SCHEDULE AND SEE HOW MUCH IT
CALLS FOR YOU AND HOW MANY
TIMES YOU USE YOUR DEBIT CARD.
IS THERE A MINIMUM BALANCE
THAT YOU HAVE TO HAVE TO AVOID
FEES? IT VARIES DEPENDING ON
WHICH INSTITUTION AND WHERE YOU
ARE KEEPING YOUR MONEY.
THAT IS ONE OF THE THINGS THAT
YOU WANT TO LOOK AT IN YOUR FEE
SCHEDULE.
YOU MIGHT WANT TO SAY IF I HAVE
DIRECT DEPOSIT, WILL THIS
ELIMINATE MY NEED TO HAVE IT
HERE?
IF I AM GOING TO DO IT AT
CHRONICALLY -- ELECTRONICALLY,
WILL THAT HELP ME TO ELIMINATE
THE FEES? IT IS JUST A MATTER
OF LOOKING FOR THEM.
THEY ARE OUT THERE.
THE ATM IS THE WORST BECAUSE
SOMETIMES YOU GO TO BUSINESSES
THAT SAY CASH ONLY AND DID THEY
SAY THE ATM IS RIGHT THERE AND
THEN YOU PAY A FEE.
THERE ARE SOME BANKS THAT
GIVE SINGLES AND FIVES. YOU ARE
ABLE TO THAT INSTEAD OF HAVING
TO DO $25 AND GET THE EXTRA FEE.
CAN YOU EVER NEGOTIATE WITH
THE BANK?
CAN YOU SAY I DON'T EVER WANT
TO PAY THE FEES?
NEGOTIATION IS ALWAYS A
SMART TACTIC WHEN YOU ARE
DEALING WITH THE MONEY.
PLENTY OF TIMES WHEN YOU CALL
INTO THE BANK AND IF YOU SAY
YOU WILL ELIMINATE THIS FEE AND
I WILL STAY HERE, BUT IF NOT I
AM GOING TO LEAVE THIS BANK.
HAVING YOUR CHECKING AND
SAVINGS ACCOUNT AND YOUR MONEY
MARKET ALL AT THE SAME BANK
WILL HELP YOU ELIMINATE THAT
FEE.
BUT IF YOU HAVE YOUR MONEY
SPREAD OUT, THEN YOU MAY BE
MISSING OUT ALL THAT MEMORABLE.
SO JUST BRINGING IT UNDER ONE