by Arlene Wright-Correll

Created on: October 22, 2006   Last Updated: December 03, 2009

Banking Ala Carte

Banks advertise it is cheaper to all your banking in one place. Don't believe it! It may be handier, but it is never cheaper and it is never, never good business to let a bank, an attorney or anyone else for that matter to know all your business.

Why? Because someday they may use it against you. Your bank may offer you, their good customer, an auto loan for a quarter percent less interest. However, that is no bargain if you can get it cheaper elsewhere. Shop around for that auto loan or for any loan for that matter. That includes mortgages, credit cards, CD and check accounts. With the advent of telephone, mail, faxes and internet there is no problem using several banks since most banking business is handled by telephone, mail, faxes and internet.

Buy checks from discounters.

You can currently get 200 checks for only $4.95 from www.Promisechecks.com. and currently www.checkgallery.com will let you purchase a box of 150 single checks for $9.95 and get your second box for only 49 and www.artisticchecks.com is offering the same deal whereby your bank might be charging $15.00 to 24.00 for the same deal.

Don't stop payment on a check lost in the mail.

You'll pay a fee of $35.00 or more and for what? If a bank accepts a forged check, it's the bank's responsibility not yours.

Last but not least, read the fine print in all communications from your bank. They are all not the same. Remember, a bank is a group of business people in the business of making money. They have two functions in life:
1. A safe place (hopefully) to keep the money.
2. They are there to make a profit for their stock holders. It is as simple as that. One bank we know charges nothing when their customers use the ATM machine at their window, but $2.00 per transaction elsewhere. Avoid the ATM of other banks that network with your bank. It will probably cost you money.

Many banks claim all institutions charge the same. In an earlier survey of banks in Florida we discovered that the cost of a sample account ranged from $39.00 per year to $279.30. Shop around.

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