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Using your check registry.
It is very important to use a check registry, to keep track of your money. Many people bounce checks because they lose track of their money and think that the money is in the bank. The importance of a check registry is very critical and it is part of Frugal thinking. Keeping track of your transaction allows you to keep your money instead of giving it to the bank in unnecessary fees.
Example
Lets say a person regularly bounces a check, like maybe three times a week. On average, banks charge $35.00 per bounced items. Woo Hoo!! Banks like this person already.
3x's 35 = 105 105x's 52 = 5460 WoW crazy figures. This is one way a bank makes money. 100 to 5400 dollars is a lot of money to give away when you have full control of that.
It is also good to apply for over draft protection if you qualify. If the bank offers over draft transfers from your savings account it is also a great way to save yourself from exhuberant fees, but these type of transfer cost less than getting hit with $35.00 or more depending on the institution.
Just for thought
GO FRUGAL
1/05/2009
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this is definitely an effective way to save money with your banking. thats Frugal banking!
ReplyDeleteWhere was this information when I needed it in the past, because wow what great advice. It is because I never balanced my checking account that I would always overdraft my account. I regret not being a smarter person about using that cheap little book they gave me when I had opened my account. It is very important that you pay great detail to how much Capitol you have left in your account if not that $35 fee adds up and before you know it your $200 or $300 in the whole all because it slipped your mind. Another tip I might add is if you buy metro cards with your check card make sure you save the reciept and write it down because this kind of purchase takes a few days to clear. Thanks for the tip can't wait to see what's next...
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