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Personal Financial Management: Why it's Important to Regularly Review your Bank Accounts

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Thursday, July 25, 2024

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Managing personal finances goes beyond saving money - it's about security and confidence in the future. Regularly reviewing bank accounts is partly about avoiding unnecessary spending on bank fees, identifying discrepancies, preventing fraud and optimizing spending. Although, the effectiveness of this superficial approach is belied by statistics: the average American spends more than $300 on bank charges each year - Wise. So why do we continue to overpay? The answer is simple: many of us don't even know these fees exist or how to deal with them. We open accounts and forget about them, allowing banks to "quietly" charge for service fees, transfers, cash withdrawals, and more. Of course, some argue that monitoring and managing accounts is an unnecessary waste of time. But if you're not in control of your finances, you can lose a lot more. Regularly reviewing your bank accounts is not only an opportunity to save money, but also a chance to simplify your financial life by getting rid of unnecessary bills. The latter action requires minimal effort but provides maximum benefit. You may be incentivized to remember that every unused account is a potential expense and a risk to your financial security. Wondering how to close a Chase savings account? Through this guide, we’ll empower you to prevent banks from using your money and personal information without permission.

Why don't we notice the “leakage” of funds?

Various financial institution fees and charges may seem insignificant, but their accumulation over time can have a significant impact on the total amount in your accounts. Hidden fees and difficulty in understanding account terms and conditions often prevent users from seeing the full picture of their finances: bank service charges, transfer and payment fees, and various insurance premiums can add up to significant losses.

Hidden fees & commissions banks in the U.S. charge:

Type of Fee / Commission Description Average Interest / Cost
Monthly Account Maintenance Account maintenance fee if the account does not maintain a minimum balance. From $5 to $25 per month
ATM Fees for withdrawing cash from non-bank ATMs. From $2 to $5 per transaction
Transfer Fees for making electronic or SWIFT transfers. From $3 to $50 per transfer
Over Withdrawal Fees for exceeding the established transaction limit on restricted accounts. From $10 to $20 per transaction
Account A fee for maintaining an account unless certain conditions are met, such as regular payroll deposits. From $5 to $25 per month
Cash Deposit Fees for depositing cash at ATMs or financial institution branches. From $0.50 to $5 per transaction
Account Closure Charged if you close an account before a certain period of time after opening it. From $25 to $50
Insufficient Balance Fees charged for maintaining a balance below the minimum acceptable level. From $15 to $35
Chargeback Fees for chargebacks due to insufficient funds. From $25 to $35 per return
Paper Statement Maintenance Fee for mailing paper statements. From $1 to $5 per month
Please note that the amounts and percentages shown may vary by bank and account type. For example, Chase Bank charges approximately $25 if you decide to close your account within 90 days of opening it. To learn more, read Irina Tsymbaliuk's article on fees at Rates. However it's always a good idea to contact the financial institution directly for the most up-to-date information on potential fees.
If you've encountered hidden charges at Chase Bank, here's a short list of steps you can take:
  1. Study agreements: To understand the fee structure, study the terms and conditions and account agreements you have with the bank.
  2. Keep an eye on your statements: Review your statements regularly to catch any fees you didn't anticipate.
  3. Contact the bank: Notice unexpected surcharges? Contact Bank immediately for clarification!
  4. Challenge fees: If fees were charged in error or are unreasonable, find out how to dispute them and possibly get a refund.
  5. Seek advice: To find out how to reduce or avoid fees in the future, contact a financial advisor.
  6. Act quickly: If you have paid a surcharge that was not agreed to, contact Chase Bank immediately.
Unbiased offers more wealth of information on avoiding hidden any other bank fees. Don’t miss out on their helpful advice.

How will closing unnecessary accounts help your finances?

Financial literacy is the key to consciously managing your personal finances. Here's the first lesson: If you've opened several bank accounts you don't use or don't benefit from, it's a good idea to close them. First, it simplifies your financial life: fewer accounts means less worry and less time to monitor them. Second, it reduces the risk of fraud by giving attackers fewer “entry points” to attack. But the fear of losing the benefits of a long-term relationship with a bank may be holding you back. Forget it. It's a bank trap to give you the illusion of the benefits of a long-term relationship that you pay too much for. For example, at Chase Bank, you pay $60 a year in savings account fees and charges, $144 for Total Checking®, and up to $300 for Secure Banking℠. Ease concerns about losing benefits:
  1. Gain financial flexibility, leading to better financial management and the ability to invest in more profitable endeavors. It's a proactive step toward optimizing your financial portfolio.
  2. Banks compete for the attention of new customers. The banking industry is highly competitive. To win, banks offer new customers the opportunity to negotiate more favorable terms.

Bottom line

Managing bank accounts is akin to nurturing a relationship. You still have to earn the bank's trust, merely in the long run it is cheaper than an old and unprofitable relationship. Hidden fees and charges can quietly erode your funds, but simplifying your accounts reduces risk and allows you to better manage your finances. By closing unprofitable accounts, like a savings account at Chase Bank, people signal to their financial providers the importance of competitive rates and services, which can lead to better offers and incentives to continue doing business. A long-term relationship with a financial institution should be a benefit, not an added expense. Therefore, it is important to periodically assess your banking tools, opting for those that truly benefit your financial landscape.

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