Save on Banking

1. Loss limits - Like credit cards, federal law limits your liability for fraudulent transactions on a debit card to $50. But that's only if you notify your financial institution within two days of discovering the theft, so if you aren’t vigilante, you could lose everything. 2. Reimbursement delays on fraudulent charges - If someone has fraudulently used your credit card, you don't have to pay the charge. But when somebody has fraudulently used your debit card, the money comes directly out of your account right away. That means that you are out the money until the bank is done investigating your fraud claim. 3. Reimbursement delays on merchant disputes - If you have a problem with an item purchased online when paying with a credit card, you can dispute the charge and stop payment. If you used your debit card, the charge is paid when you made the order so the merchant has your cash and you have to fight to get your money back. 4. Overdrafts - Overdraft charges have sky-rocketed recently and often those overdrafts are the result of a debit card transaction. Many consumers mistakenly believe that if they don’t have the money in their accounts, their bank wouldn't approve the debit charge. But unless you "opt out" of automatic overdraft protection, a $5 purchase could cost you $35 in overdraft fees. 5. Skimming – Criminal have been using "skimming" machines to steal card data and make charges to those account. When your debit card is skimmed, your bank account can be drained of money before you realize it. To read more about protecting yourself from identity theft, visit the Federal Trade Commission website.

If your employer offers automatic direct deposit, make the switch and automatically save money on your check charges. Many banks offer free checking with automatic payroll deposit. And, it saves you a trip to the bank.

When selecting checks for your various accounts, stick with the free checks the bank offers you. Spending extra money to get custom checks with your favorite sports team or your alma mater on them isn't always the best use of your extra dollars. A check is a check is a check, no matter what the design!

Applying for an account at a bank based on the latest free promotion that they are running may not be the best idea. You often end up paying for the free product or service with higher fees. So the next time you see an ad for a free toaster when you open a new account, ignore it. Use the store to buy a product and the bank to keep your money safe.

If you're a loyal customer and have been hit with an outrageous fee, or a significant increase in your bank's credit card rate, speak with the branch manager. These executives have the authority to rebate fees for special customers.

Steer clear of NOW accounts. NOW accounts are checking accounts that earn a small amount of interest on your checking account balance. Sounds like a good idea, but the fees on these accounts are usually higher (in some cases much higher) than on your basic checking account, more than offsetting the measly interest these accounts pay.

If you have several banking accounts open, it pays to consolidate them all with one bank to save money. Talk to your local branch manager, because often, if you have several accounts, like a mortgage, car payment and a couple of CDs, the bank will allow you to link some or all of these accounts, providing lower fees across the board.

Most banks offer a no frills, free checking account option that is perfect if you don't need overdraft protection or vanity checks. You may have to ask about it, though, since banks don't always advertise this account. It's ideal if you don't need overdraft protection or vanity checks. If your write fewer than 12 checks a month, and don't need the bells and whistles, go no frills.

Be sure to check your fixed rate that the bank is offering you to make sure you are still paying the low rate. Banks will adjust this rate to the highest rate paid by high risk customers if you are late on a single payment. If your fixed rate has skyrocketed, switch to another bank that offers a lower fixed rate.

Your current bank will offer you free checking if you keep a minimum amount in their low-paying savings accounts, some of which pay 1%. While free checking may not seem like a large savings, when you factor in the elimination of check fees, your minimum deposit is generating at least 12% in savings and earnings.

Many banks will charge less in fees when you do your banking online and at an ATM. Just withdraw and deposit money at an ATM, and move money, check balances and pay bills online and save in fees.

Do not use your credit card for cash advances, as it is the most expensive money you can borrow. It's much less expensive to take out a small line of credit (no more than $5,000) to use when you're short on cash. You'll save up to 15% on interest rates.

Understanding your bank's fees and spending a little time planning your cash needs can save you a lot of money. While many banks charge fees for using different ATMs to withdraw money, some banks even charge for using their own ATMs. If your bank does this, plan your cash needs ahead of time and make a single cash withdrawal for the week.

If you're a loyal bank customer that has maintained good credit and are not happy with a fee or rate, call to complain. For instance, if you're hit with a $39 fee for a bounced check, and this is the only time you have ever bounced a check, ask for a credit. The moral of this tip: it never hurts to ask!