How To Reduce Bank Fees By Jeffrey Strain

Nobody likes to pay banking fees, but if you aren't active in trying to reduce them, you are probably paying more in fees than you need to be. One of most important actions to take in order to reduce banking fees is to figure out exactly how you use your bank. Consider what your average balance will be and how low balance may dip. Also consider type of transactions you make and what types of services you need. Once you have a better understanding of how you utilize bank, you are in position to get most out of it while avoiding fees for services you don't need or use.

Probably best move you can make is to try and qualify as a member of a credit union. Credit unions are not for profit organizations meaning they don't have to worry about making a profit. The qualifying factors to join a credit union vary from institution to institution, so you will need to check with each. The good news is that there are a large number of credit unions associated with a wide variety of organizations. Qualifying for inclusion has been broadened a great deal over years, so it is much easier to find a way to qualify.

Since credit unions are there for their members and not out to make a profit, they are much more likely to offer completely free checking or free checking with a small minimum balance. In most cases, they also charge lower banking fees and their interest rates on accounts are higher. The one big drawback is that they tend to have fewer branches and automatic teller machines (ATMs) than major bank networks which can be costly if you are an ATM addict. You can begin your search to locate a credit union near you at National Credit Union Administration (http://www.ncua.gov/siteoutline.html).

If a credit union isn't a possibility, then you need to take a look at different types of banks. While major banks will have a better distribution of ATMs and a greater variety of services, their fees can be as much as 50% higher than those of local banks. It is also worthwhile investigating Internet banks since their fees still tend to be lower than those of major banks.

A few lucky people have won a lot of money and become wealthy overnight but in short time many of them have returned to their prior financial condition too soon. There is no trace of all riches they have once won. Very few of them can stay wealthy long enough to actually improve their quality of life.

Why? Because it is not money and luxurious lifestyle that make people wealthy. It is their mindset.

Real wealthy people act differently upon big cash they can get their hands on and upon everything else pertaining money and possession. And this is because they think differently from most average people in first place.

Let’s think this through and discuss way average people think…

As soon as they can get their hands on a big fat check, average people would almost immediately go shopping. Buy latest model car, luxurious home, or spend it on renovation, once-in-a-lifetime luxurious vacation… blah blah blah.

They think that in order to really become wealthy, they have to possess all stuff that wealthy people would have, travel to places wealthy people would go to, drive cars wealthy people would drive or live in big mansions where wealthy people would live.

Real wealthy people can afford all above simply because they have higher purchasing power. Most of us, on other hand, would think that by having all those above we just might be considered as ‘wealthy’. We tend to think that to become wealthy we have to ‘act’ or ‘live’ like those who in reality are.

Ironically, fact is to become wealthy we have to ‘think’ like real wealthy people.

Once again I must say that it’s mindset that makes people wealthy. It’s neither their possessions nor what they spend their money on.

Most of us go shopping while holding on to this principle: Buy now, struggle later.

When wealthy people go shopping they think: Delay it now, invest money, and have all you want later on! They embrace delayed gratification.

Generally, too soon, average people would end up in debt due to their principles of immediate gratification. And in most cases their debt worsens. Car loans, furniture loans, education loans, home loans, credit cards… and who knows what else.

As story continuous, I believe, it becomes more and more familiar to vast majority: In order to pay off all debts, they become slaves of their own jobs after they realised that they had been “slaves of their own debt” for some time.

To them, a job becomes a necessity as opposed to a choice. It is chosen based on how big salary is to pay off their debt, instead of on satisfaction job provides.

Can these people retire early? No. In fact, they wouldn’t even dare to think about it! They are too deep in debt to quit and to just come and go almost at will.

On other hand, not only do wealthy know negatives of being in a debt, they also know precisely advantages of being debt-free. By being debt-free, they have more money to save.