22 responses

  1. DIY Investor
    June 2, 2011

    Great questions and checklist. I learned a lot and am passing it on.

    • moneycone
      June 2, 2011

      Glad you like it!

  2. krantcents
    June 2, 2011

    I would add taking the time to develop a relationship with your banker. They have the latitude to break rules in most cases, if you handle your accounts responsibly.

    • moneycone
      June 2, 2011

      That is true KC! I’ve had fees waived quite a few times just by calling!

  3. everyday tips
    June 2, 2011

    I love my credit union and have never been happy with any big banks.

    I got a call last week from my credit union. They were telling me that one of my kid’s accounts had been dormant for long enough that by law, the account would have to be closed and funds would go to the state. I love great laws like that.

    • moneycone
      June 3, 2011

      That is very nice of them! Another thumbs up for Credit Unions!

  4. Buck Inspire
    June 3, 2011

    Are you a banker? Great tips and checklist. Will pass along!

    • moneycone
      June 3, 2011

      Hehe! I’m no banker Buck! :)

  5. BeatingTheIndex
    June 3, 2011

    Great list MC. I would also add that if you are part of a professional order, try to find out if there’s a special program provided by your bank because you could end up with a lot of savings down the line. (My bank provides special rates for the Order of Engineers members for example)

    • moneycone
      June 3, 2011

      That’s a great tip BTI!

  6. MissMoneyManager
    June 3, 2011

    Good post! I completely agree. There have been plenty of times when I’ve been blindsided by some outlandish fee I never knew existed. Banks count on us disregarding the fine print – it’s a great way for them to make money. Krantcents, I totally agree with you. There have been numerous times I’ve had an issue resolved just by walking into my local branch and having a face to face conversation. So much is done over the phone and online these days, we’re losing the personal exchanges of banking. Every Day Tips, I keep a Credit Union account for that very reason – they’ve never let me down!

    • moneycone
      June 3, 2011

      Definitely MissMoneyManager! I hate getting surprised with fees and the fine prints these days come as a booklet! Not humanely possible to read and remember every line in it.

      A checklist with the fees that most affect me helps me be aware of what to avoid.

      I’m totally in agreement with Credit Unions.

  7. Robert @ The College Investor
    June 5, 2011

    Great things to look for. So many banks offer those services free now, that there is no reason to compromise!

    • moneycone
      June 21, 2011

      Exactly!

  8. Car Negotiation Coach
    June 6, 2011

    MC, good checklist….I used to be a Bank of America customer and am still mad about their checking account minimums. I’m an entreprenuer so I get my checks on a 1099 basis, not W2. And even though it’s still money being regularly put in my bank account they would charge me minimums. But I wanted to shift my money to interest bearing MM’s, not leave in a checking account just to avoid their stupid fees!

    Another thing I like to ask about is does the bank have free coin counting machines.

    • moneycone
      June 21, 2011

      Good point on coin counting machines!

  9. Untemplater
    June 7, 2011

    So many great points and that checklist is brilliant! Banks try to sneak in fees where ever they can so we really need to do our homework. Great post Moneycone :)

    • moneycone
      June 21, 2011

      Thanks Untemplater!

  10. Spruce Up Your Finances
    June 7, 2011

    I really hate those fine prints. I think companies do it on purpose since most consumers won’t really read them.

    • moneycone
      June 21, 2011

      These days banks send a booklet of fine prints! Most dubious fees are buried deep inside.

  11. Squirrelers
    June 10, 2011

    Very good post. Interesting that you included dormant accounts, as it’s an overlooked topic. I had an account reach that sta tus once, as I had no activity involved with it for a long time. It was a relatively modest amount of money, but still! I ended up getting the money out, but could have been out a decent amount if I hadn’t paid attention!

    • moneycone
      June 21, 2011

      I learnt my lesson with BofA!

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