There’s a bank robbery occurring every day. But unfortunately, the weapon is pointing at you and the bandit is your bank!
Well, you’ve got a choice – you can put your arms up and do what you’re told … or refuse to supply the unmarked bills.
Let’s take the bandana off to take a closer look at your financial institution’s fees.
Check Out the Fees on Your Checking Account
According to the U.S. News & World Report blog, people pay an average of about $1,000 a year to maintain a checking account. Many large, traditional financial institutions charge for basic checking services now.
You probably only use an account like that once a month … maybe. Seriously, who takes checks these days?
Those banking fees mean paying 1 to 2 small checks a month is costing $83.33 a month!
It’s Frustrating When You Forget Fees
If you’ve got an account that’s charging you a maintenance fee, it means you can’t even store some money there for a rainy day without the bank syphoning off its share. Some banks charge $10-$12 a month and they earn interest on your balances. (Your mattress or MovoCash will store it for free.)
So much for “safe-keeping” your money – it may be time to blow the lid off this widespread banking industry practice.
Some banks want you to keep a really large balance or use your card a certain number of times to earn a fee-free account. Do you honestly want to count the number of debit transactions you have every month?
This is your brain keeping track: “Number 1, there was the $45.90 at the gas station on the 3rd. And number 2, I bought those bunny slippers for my sister on the 7th…” Banks know it is exhausting to keep track of these details so you are likely to forget and exceed the limits.
Ready or Not, Here Come ATM Fees
Your hairstylist only accepts cash, so you pop down the street to the nearest ATM machine. They installed it there so you could get to your money conveniently. (They did it for you, right?)
Your banking institution ATM charges average more than $2 per use, says Erin El Issa, staff writer at NerdWallet. So, if you find yourself running to the ATM a few times a week, it’s adding up. Save the tip for your hair stylist, not your bank.
Times Up for Overdraft Fees
During busy times with unexpected expenses, you may not have an extra hour to drive around to find an ATM or the nearest bank branch to check your balance. That’s when you make just one more transaction, not realizing that bank fees had decreased your balance since you last checked and end up in the red. Guess who wins? That’s right – your banking institution. Large banks are getting, sometimes, $35 a pop. And there are “extended overdraft fees” to look out for too! (Those occur when you don’t correct the problem fast enough.)
Sure, you can opt out of an overdraft program. But only if you don’t mind having your card turned down when you least expect it. (First date? Dinner with a prospective investor?)
You can save the day by switching to an online bank, El Issa says. Digital banking companies have lower overhead costs, so they have more to offer customers. MovoCash has no registration fee, no activation fee and no monthly fee for active accounts. The money in your MovoCash account is the money you have to spend – there is no such thing as an overdraft fee with MovoCash.
To avoid as many fees as possible, make sure your balance changes at least once every 90 days (there is an inactivity fee because we have costs to keep your account active) and use Visa Plus Alliance, a network of fee-free ATMs.
With a MOVO account you have your balance in-hand, on your phone at all times, so it eliminates embarrassing moments, like credit card denials. You can see your balance by logging into the app securely using Touch ID, and set up email and text alerts to alert you to every transaction or just the highlights of your account activity.
And no more handing over hard-earned hold-up money to the banking bandits from unexpected and ever rising fees. MovoCash is eliminating as many fees as possible, so there’s nothing to lose by downloading the app on your Apple or Android smartphone and signing up.
With MovoCash, you’ll be a money saving hero laughing all the way from the bank, free to watch your money from the safety of your smartphone anywhere you roam.