SavvySugar

Does Your Bank Charge For Using Other Banks' ATMs?

SavvySugar — Mon, 10 Aug 2009 13:15:39 -0700

Do You Say Anything When Someone's Too Close at the ATM?

SavvySugar — Wed, 22 Jul 2009 13:15:56 -0700

Goldman Sachs Employees Could Earn $773,000 in 2009

SavvySugar — Thu, 16 Jul 2009 10:30:08 -0700

The recession is still in full swing, but Goldman Sachs is on track for a record-setting year in terms of employee compensation. The firm yesterday reported second-quarter profits of $3.4 billion, and if it continues with the same success rate as the first half of 2009, employees would share a record bonus pool come year-end.

If the estimations materialize, Fortune points out, "The average Goldman worker could end up taking home more than 10 times the typical American family's income." The average employee would finish the year with approximately $773,000, more than doubling the $363,000 they took home in 2008 and trumping the $662,000 they made in 2007. Even if Goldman doesn't end up with a record-setting year, the pay scale is seen as a bit of a shock in light of the current economy.

Avoid These Silly Bank Fees and Save

SavvySugar — Tue, 07 Jul 2009 12:00:23 -0700

You're a pro at avoiding ATM fees and finding free checking, but banks are slapping fees on everything from your standard withdrawal at another bank to helping its customers. Yes, that customer service call could come with a charge. Banks are relying on fee income more than ever, so don't be surprised if your institution starts sticking you with a tab for checking your balance.

The Wall Street Journal identifies 10 fees you should keep an eye on, and while it mentions that you might have some luck asking your bank to waive a fee you catch on your account, wouldn't it just be easier to avoid them in the first place? Two of the fees listed by the WSJ stand out as particularly silly - $2 to $4 fees for visiting a bank teller more than a couple times a month, and $0.50 to $5 for making account inquiries or reordering checks over the phone.

Find out if your bank charges for any of these services; it's relatively easy to dodge them once you're aware. You can take care of most banking business online and make deposits through your bank's ATM.

Is Your Money Held by a Bank or a Credit Union?

SavvySugar — Tue, 21 Apr 2009 12:00:24 -0700

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Back to Basics: Stop Paying Bank Fees

SavvySugar — Wed, 25 Mar 2009 11:30:09 -0700

Banks collected $39 billion in account fees and penalties last year, but the American Bankers Association says 52 percent of consumers don't spend anything on bank fees each month. So what does the other half know that you don't?

Consumer Reports suggests looking for a large bank with plenty of ATMs at convenient locations so you don't get suckered into paying ATM fees, which can add up quickly. You should also take advantage of the no-fee cash back options at grocery and drug stores. Buy the $1 pack of gum you want anyway and get $20 cash back instead of spending $4 on a foreign bank ATM fee.

Of course, before you settle on a bank you should shop around. Make sure the bank has branches near your office, home and areas you frequent, as well as free checking and reasonable overdraft policies.

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I'm Asking: How Long Have You Been With Your Bank?

SavvySugar — Tue, 24 Mar 2009 11:30:57 -0700

Severing ties with a bank can feel a lot like breaking up with a guy. The bank will probably ask for a reason ("It's not me! It's you!") and you have to let all the major institutions in your life know about it otherwise your automatic bill pay goes array. Not to mention the stress, mixed emotions, and fear that there's no one perfect bank out there. Luckily, there are ways to gracefully bow out of the relationship with your current bank should you decide you're fed up with its lack of attention to your needs, crappy website, or unexplainable fees and policies.

All that being said, most of us settle into a healthy banking relationship and get pretty comfortable. How many years have you been committed to your current bank and do you think you are in it for the long haul?

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Back to Basics: When Two Become One

SavvySugar — Mon, 23 Mar 2009 11:30:30 -0700

It's something a lot of couples argue about. Often it's more important to one of you than the other. But when one of you slips, both of you suffer. What am I talking about? Money, of course. Because money can be such a sharp point of contention in relationships, it's important that you come up with a financial plan that works for both of you.

Whether or not the last names on a joint account are identical, the money in that account belongs to both of you. But you're each responsible for keeping track of spending. You may have been a master of tracking when you had an account to yourself, but this becomes more difficult when two people have access to one account. But difficult doesn't mean impossible - it just means the two of you really have to communicate.

Coming up with a joint-spending plan is one of the first conversations you should have about your shared money. There are plenty of computer programs, like Mint and Quicken that keep track of all expenditures so you can see exactly where your money is going. And if all of your bills aren't set up for automatic payments each month, make sure you know who is responsible for making timely payments to avoid any late fees.

What are your tips for managing a joint account?

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Back to Basics: Use Your Overdraft Protection Wisely

SavvySugar — Fri, 20 Mar 2009 11:30:03 -0700

Sometimes, we pretend things are there when they're actually not - like a connection with the guy who works in the office across the hall or positive cash flow in our bank accounts. An account balance that's dangerously flirting with zero is at risk of accruing heavy fees and could put you even further behind on the quest to get your finances on track.

Many checking accounts come with the option of overdraft protection, which means a check won't bounce if you write it for more than your account's balance. Different overdraft protection plans come with varying limits, and using overdraft protection is like borrowing money from the bank - with high interest rates in tow. So why use it at all?

I've never heard of a bank not charging a high penalty for bouncing a check, but you can end up paying less by using overdraft protection and quickly repaying the bank. Be sure you're aware of all possible charges before adding this feature to your account and know your bank may take away your privileges if your account is constantly dipping into the negative. Also, if you ever want to use your bank to get a loan, habitually relying on overdraft protection would give the impression that you may not be a credit-worthy customer.

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Six Tips For Switching Banks Gracefully

SavvySugar — Tue, 17 Mar 2009 04:30:25 -0700

There are several reasons why you might feel compelled to break up with your bank: You found better interest rates, cheaper ATM fees, more reliable customer service, or a more user-friendly website. Whatever your reason for wanting a change, make sure you keep these tips in mind on the path to making your ex-bank history.

Once you've found the best bank for you, open a new account.
Stop using your old account, but leave some cash to cover any outstanding checks, automatic withdrawals, or automatic payments.
Give your employer your new bank information so they can direct deposit your paychecks.
Move all automatic withdrawal and online bill pay information to your new bank account. You're fully committing to your new bank, so don't forget anything important!
If you're using an automatic transfer to move your account from one bank to another, keep both accounts open until the transfer is complete. Also, your old bank may charge a fee for this transfer, so ask them about any fees before initiating the process.
Ask your old bank what their procedure is for closing the account, and be sure all outstanding checks and automatic debits have cleared the account before you officially close it.

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