Bank Smart!

Never Put Up with Ridiculous Banking Fees!


There are so many banks out there that are competing with each other that no one* should settle for anything less than the best service for free! I've met so many people that don't bank smart that I just wanted to make a few comments here.


You should never have to pay for a checking or savings account.

 

You should never be charged because of a minimum amount requirement in your savings account (Many banks require that $300 be kept in a savings account to avoid fees).
 
You should never be charged annual fees for a checking account, savings account or credit card.
 
You should never have to deal with ATM fees.
 
You should never be charged for taking money out of a Savings CD early.
 
You should never have to drive for an hour to take money out or put money into a bank account. (I've met too many people who bank with local credit unions because of the high savings rate but then they have limited access to their account. There are nationwide banks that have the same savings rate or higher with locations up the wazoo, and there are online banks).
 
You should never be charged any bank fees ever! You should never allow anyone to charge you for holding your money. Banks should make their profit off of good investments, not their clients.
 
And, you should always take advantage of credit card rewards by paying off your balance in full every month (Keep the balance at $0 at the end of each payment period). Its simple. If you don't have the money, don't spend it. Only use your credit card for an amount that you know you can back up with a checking or savings account. Then when its time to pay the bill, you already have the amount you owe in the bank. You get the rewards (cash back, points, air miles, etc) for using the card and charged nothing since you paid off the balance. A good habit of this will also help to build your credit score.


The best way to avoid the above mentioned fees is by choosing the best banks. "Banks" is plural for a reason. Few if any banks follow all of the criteria above. But there is at least one bank that follows one or more of each of the criteria above. No one ever said that a person can only have one bank, so why not use all the best services that are available?


A common concern when opening multiple bank accounts whether opening multiple accounts will affect credit scores. Opening multiple checking and savings accounts will not affect your credit score, but having multiple credit cards can affect your credit score. Generally, it is recommended to stick with 3 credit cards or less.


For more information and banking tips, including how to get free money from banks, visit ActuallyFree.info


*I realize this is an oxymoron because if everyone just used the one and only best bank then the bank wouldn't have any competition, and then it would take advantage of us. So "no one" here actually means "you".


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I have found the following banks and credit cards to be outstanding in their customer service and they each have special features to avoid the above mentioned fees:


ING Direct - Complete online banking from the comfort of your home. Interest earning checking account! High Savings Rate with no minimum amount required. Easy to follow user-friendly website. You can also get free money through referral bonuses.


Washing Mutual - Free Checking Account. High Savings Rate when you sign up online. Free Business Checking account! Multiple locations nationwide. Excellent user-friendly website. Excellent in dealing with cases of theft. (When my wife's purse was stolen Washington Mutual was the best bank to work with out all the accounts that we had). Update: I sincerely hope that JP Morgan Chase will keep Washing Mutual's practices (WaMu was bought by JP Morgan Chase). My experience with Washington Mutual before they were purchased by Chase Bank was much better than my experience with Chase Bank.


E*trade - Complete online banking from the comfort of your home. High savings rate with no minimum amount required. This is also good if you would like to invest in stocks. They usually have free stock trade deals.


Bank of America - I thought Bank of America's Keep the Change program was a genius idea. They also have a CD Savings plan where you can withdraw money early without being penalized. (Beware, their savings account has a $300 minimum requirement, which you must have to participate in the Keep the Change program)


Citi Cash Back Rewards - 2% cash back on selected purchases. 1% cash back on all other purchases. (Other cards have 3-5% the first 6 months)


Chase Freedom Cash Back Rewards - 3% cash back on selected purchases. 1% cash back on all other purchases.


These are all programs that I have tried and tested personally. There are tons of other offers available that could fit your needs. I've also seen commercials saying that the Charles Schwab Investing Account offers a no ATM fees program.

For more information on bank deals, visit the Bank Bonuses Page.