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Banking fees can add up quickly, but our top 10 smart money tips for banking will give you simple steps on how to reduce banking fees and decrease transaction costs. It’s your money; keep more of it for yourself.

There are a few ways that you can save money while you are banking. In a world where the economy is seemingly taking a nose dive, every little penny counts. Here are the top 10 smart money banking tips to help you save money:

1. ATM Conscious – do you realize that you spend anywhere from $1.50-$3 every time you visit an ATM machine? That doesn’t include your bank’s fees on top of it. All together, you are losing about $5 per visit. So limiting your ATM visits can greatly decrease banking fees.

2. Free Checking – Most banks are offering this. In the world of competitive banking, some are even offering money for opening a free checking account.

3. No Balance/ No Minimum Banking – It is best to find a ban
k that you can bank with which will not charge a fee if you don’t keep the minimum amount requirement in your account. Some banks require you to keep a minimum amount in your account or you will be charged. Avoid these fees whenever possible.

4. Savings Accounts – Opening and using a savings account may be to your advantage, especially if you keep large amounts in your account at one time. This is because savings accounts draw in interest. There are some banks that also pay interest to those who have direct deposit into their account.

5. Auto/ Online Bill Pay – With the price of stamps on the rise, it is looking as though resorting to automatically paying bills online will be no choice but a must. Many are resorting to paying bills online versus sending it in the mail and spending the money on a stamp. Also, to save time (some offer discounts as well), you may chose to have your payments automatically withdrawn from your account.

6. Overdraft Protection – It has happened to the best of us. When you get one of those hefty draft fees ($20-35 per draft), it causes a ripple effect. Ultimately, your account is in turmoil. Many banks offer overdraft protection so that if this were to happen, you won’t be paying triple to even your balance back out.

7. Order Your Own Checks – Many times banks have their own checks. Most of the time these checks are very expensive. There are places where you can order nice checks for a fraction of the cost of what you would spend buying your checks through your bank.

8. Banking with Credit Card Logos – There are competitive banks that are offering bank cards that have the MasterCard or Visa logos. This can be an advantage because if you use it as a credit card, not only does it help to build your credit, the money is already in there so you don’t have to spend more to get it out of an ATM machine.

9. Open an IRA – There is nothing smarter than investing in your future. Opening an IRA, especially now. You are saving for the future which will help you. It is best to shop for the best one that offers the best interest and has the better plan overall.

10. Invest in CDs – Shop for the best CD that offers the best interest. Doing this can benefit you when interest rates go down, because the bank has to pay you the amount of interest in effect when you bought it. CD’s are a good way to invest and earn money. Be sure to link to your account and check out the bank’s policy before making your final decision.