Extra Extra!

Read all about it. Before you sign your name to anything be sure to read all the fine print!

Do you feel like you're always getting ripped off by banks and other types of accounts you hold? It seems like there all always "hidden" fees and surprise charges popping up on your bill all the time. Chances are those fees and charges were disclosed at the time you opened the account. Banks are too smart to do anything that would be in breech of contract. Your responsibility is to know what the contract really says.

Don't know if you're paying unnecessary fees? Read your monthly statement. I was at the bank one day and the lady standing in line behind me was there to dispute the $20 maintenance fees she had been charged for a year and only just discovered. When she opened the account she was told there was no monthly fee. And there probably wasn't. Most "free" accounts now come with rules you must follow each month such as:

Free with direct deposit
Free with use of a debit card
Free with online billpay...

Know what you need to do to keep the checking free and follow the rules. Furthermore, if you have money in the bank they should be paying you! There are checking accounts about everywhere now that pay interest. If no bank near you offers this, look online. Our First Federal checking account paid 6% when we first opened it. It's down to just over 2% now but it's still better than savings account rates. Make sure you know the rules and check your statement each month to make sure it's working for you!

Tip of the day: Review your accounts (including credit cards) and switch banks if you must to get no fee banking!