Banking Basics

When it comes to financial planning, it doesn't get a whole lot more basic than your checking account. But basic isn't the same thing as simple. Banks offer a bewildering array of accounts, accompanied by an equally bewildering array of fees. Make the wrong choices and hundreds of dollars a year can sneak out of your pocket, dollars you could have kept for yourself.

Everyone knows that banks will bang your wallet for bouncing checks, but they don't always know that banks will also charge you for closing your account too soon, depositing someone else's bad check, letting your balance fall and a variety of other reasons you might never think of until the charge shows up on your statement.

And the rules keep changing. Many people have long depended on the "float," the time between when you give someone a check and when the money actually comes out of your account. Thanks to new rules and technological advances, the float is floating away and more consumers are getting whacked with nonsufficient funds fees.

Speaking of fees, picking the wrong ATM to use can cost you big too. Fortunately, there are ways to beat the fees if you plan ahead. How to avoid ATM Fees is explained in the next section.

And that's what these basics are all about: Helping you makethe well-informe d choices that will keep your money in your account, not the bank's.

Learn how to find Free Checking and how to find the accounts that best suit your habits. Find out what fees are out there and how to avoid them. See how debit cards work and what you need to worry about. Check out the FDIC to see how your money is insured, and learn how to make sure your bank is financially sound.

One of the best ways to make money is to not lose it. Review the checking and ATM basics and you'll be banking in style at the lowest possible cost.

If you want to learn more about this thems you can find more at: Clear-A-Debt.com

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Written by: Jeff Fritsch