One tip - many credit unions network together to offer free ATM withdrawals from other credit unions. It’s pretty nifty and one reason I will never *get* banks. I can’t say I have ever been snagged by an ATM fee, and any credit union ATM machine I have used has been free.

Oh, it is the “co-op” network. Maybe the benefits are larger in a big city, but all of the credit unions I have ever looked up were in the co-op network, so I generally can find an ATM anywhere for free withdrawals. I Was going to write an article on credit unions though so can share more on that. Too many people I know assume credit union means less convenience, because they are more regional, but with the co-op I don’t find that at all. Plus I don’t get dinged with ridiculous fees, in general. Though last I shopped around some of the CUs were bad with fees, it all depends.

Oh, I forgot to add, many employers don’t offer Direct Deposit. Given the choice I agree, but you know every time I go to make a deposit they bug me and I say, “well, I don’t have a choice!” It gets old. Believe me I have bugged my boss too.

Tip 10 is good advice. A while ago, I nearly emptied a savings account, but I kept a little bit in when they said that I didn’t need a minimum balance. However, I came to find out that they changed their policy a few months ago, and for the last few months they have been taking a dollar out of my account every month because I didn’t have the minimum balance in the account.

I was not a happy camper.

Get rid of #8 & #9 by paying all your bills online (Save on stamps, check fees, envelopes, wasted time)I have rare ever written a check in the past few years. Take it one step further and have you pill posted to your credit card automatically…earn points and administrate less bills in the process (Assuming you pay off every month).

Excuse my typos above.

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Is there any benefit to leaving an old banking account open? My “old” account is a local credit union that hasn’t changed its fees policy in decades (in other words, I do not worry about being charged monthly fees if I were to leave it open with a small balance).

Is leaving the account open in case I ever feel the need to go back to it for my banking needs, or (more likely) I decide to use them for a future loan a wise decision? Or should I just close the account and cross that bridge if I ever come to it?

Thoughts?

Something that I like to look for in banks is reimbursement for ATM fees. It makes every ATM accessible with no penalties. I think some banks offer a max of 6 or 10 dollar reimbursement a month so you have to be careful not to take out too much.

Balance your checkbook is the best advice. Once a week on my bill paying day, I balance both our personal and business checking accounts. This means I catch all the debit card uses, etc. before paying any bills. Much easier than finding out you forgot something when you bounce a check. My on-line account also gives me the chance to ‘eye-ball’ the savings accounts (all with their own purposes) to be sure that they look correct. It is also nice to see the decrease in my mortgage each month. I’m not sure why people wouldn’t take advantage of balancing their accounts when you can do it on line and the more frequently you do it, the less chance for error and bank fees.

You might want to try a money market account at a brokerage. Interest rates tend to be higher than banks and many allow check writing privileges. This will also give you exposure to the investing world.