Banking 101

0
Banks make tons of money off of customers for charging any possible fee they can.

UNITED STATES—The bank, oh isn’t it a glorious thing or is it? I didn’t get my first bank account until probably my freshman year in college. I’ve always been good with saving money, but I realized at some point I would need to cash my checks, save money for a house, a car and a load of other amenities. In the 15 plus years of having my bank account, the bank has switched names multiple times, which hasn’t been too big of an issue with me.

However, I’m starting to realize the banks of America are all about making money. Anyway they can tack on a charge or fee to your account they will gladly do so and not expect the customer to question why they are charging them for this or that. Direct deposit, it’s something many Americans consider convenient, but NOT all companies provide this luxury. To be honest, I like the idea of seeing my paycheck each week and getting the opportunity to actually deposit or cash it at the bank. I can’t explain it in words, but there are plenty of folk out there who share the same sentiment.

I get charged monthly at my bank because I don’t have a direct deposit that totals a certain amount each month. Is it something that annoys me, yes, and it has led me to secretly consider other banking options. I don’t like the idea of losing money because the bank has implemented some silly and absurd policy that I’m not in agreement with. Hey, it’s my money; you’re able to operate because of the money that I’m delivering to you each week.

I will argue that my bank is everywhere. Anytime I go out of town, I’m never concerned about the idea of not being able to find a bank where I can withdraw funds without facing a fee or charge. That is something not many people can say about their bank, but it’s also a bad thing at the same time. Why do you ask? If you always have the temptation of being able to go to the bank, you’re inclined to take more of your money out. Not a good thing if you’re looking to save a few bucks.

Perhaps the one thing that annoys me most about banks is the idea that they are never open beyond business hours. I mean HELLO, most people work during business hours. Not everyone wants to go to the ATM to pull out money when they want to. Heck, I don’t even have an ATM/Debit card. Yeah, it’s a travesty isn’t it? It’s a decision I made years ago, I don’t like the idea of all my funds being on a piece of plastic; what happens if that plastic doesn’t work or technology has a bit of a glitch: I’m screwed! Banks during the week should open at around 8am and close at around 6 or 7 p.m. Most banks close promptly at 5 p.m., on Fridays they might stay open to 6 because its payday for most Americans. They are cashing those checks and withdrawing those funds.

If banks consider the option of staying open slightly later, they provide the opportunity for more of their customers to bank and handle things without relying solely on online banking. Is it convenient: absolutely! Is it the safest thing to do, not really because people hack into others bank accounts all the time, and many Americans fall victim to identity theft. Not a good thing, not a good thing at all.

When it comes to banking I always prefer depositing funds and my check into my account versus taking funds out. I love the idea of paying myself and knowing that I have a significant amount in my account each day, each week, each month or each year, because it provides me that safety net, if God forbid something unexpected happens, my expenses are covered for a substantial time frame.

Some people have bank accounts to simply cash checks, good idea, but consider actually saving money into that account. You don’t have to place all of your money into one account. I prefer that you consider actually having more than one bank that you deposit funds into. Why? You have money in more than one place. It’s rare that a bank collapses, but in today’s economy one can never be too safe.