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Five Money Saving Bank Hacks
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Banks offer a lot of services and features. You probably know most of the popular ones. Heck, you probably know most of the not so popular ones. However, I am pretty certain that there is at least one thing on the follow list that you didn’t know about before. And if I’m wrong, I invite you to look at these 7 Unwritten and Often Forgotten Credit Card Secrets, and hopefully between the two you’ll learn something new that will save you some money in these difficult times.
#1 Cashback on Debit Transactions
I don’t use my debit card much but if you are in an area where you can’t get to your bank’s ATM, the next best option is to buy something at a grocery store and request cash back. You will be limited to $20 or $40 (or more, depending on the place) and you have to buy something, but it’s better than paying the ATM fees and getting nothing for it.
#2 Remote Check Deposit
Some banks offer remote check deposit, a feature where you can scan images of your checks or fax your checks to your bank. This saves you the time spent waiting in line for a teller or ATM and the gas your car needs to get you there. When you think about it, a paper check is really an artifact of a past era. All the bank needs from the check, besides the security features (which many don’t even care about unless the check is over a certain amount), is the ABA routing number, the account number, the recipient, and the amount. Everything else is just dead tree. Not many banks offer this, but if you’re does, consider yourself lucky.
#3 Online Billpay
Yeah yeah, we all know about online bill pay. You set up your accounts and the utility company or the credit card withdraws the money, big deal right? While that can save you money, that’s often just part of what you can do with online bill pay nowadays. You can have the bank mail a check to someone on your behalf. Owe a friend $10 and you never remember to pay them? Just enter in the name and an address, the bank will mail off a check absolutely free of charge. You save yourself the headache of remembering, the embarrassment of constantly forgetting, and the cost of a stamp and check.
#4 Free Coin Counting
Avoid the ubiquitous Coinstar machines that siphon 8.9% of every transaction (unless you convert to a gift card) and find a bank that offers free coin counting. Most banks will let you use their coin counting services even if you aren’t a customer of the bank. They do this because, let’s be honest, coin counting is hardly an expensive task (it’s done by a machine) and they might be able to turn you into a customer. Either way, this site has a map and list places that offer free coin counting (not sure how accurate it is but it’s a start).
#5 Free Checks
Every bank has a checking account package that offers free checks. The hack here is to deposit enough money to avoid minimum balance fees, convert your account type to that account, get your free checks, and then convert it back (I wish I could claim credit, a Bank of America representative offered this as an option to ordering checks, which I took!). At Bank of America, that checking account is the Advantage® Checking with a minimum of $5,000. Ask to convert your account, then order your checks. Once they arrive, just convert it back – boom, free checks. You’ll want to do this quickly though because you’re giving up interest earned versus having it in an online savings account, especially since buying checks online isn’t all that expensive.
Do you have a favorite trick or hack that I missed? I’d love to hear about it!
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I like your free coin counting suggestion. I hate those machines that take a huge chunk off the top, but I’m a huge saver of my spare change. It’s good to see options to avoid being jacked by the machines and to find another outlet!
My bank, Wells Fargo, does count the coins. I just brought my coins in and they counted them in a machine. Thanks for the free check tip. I might be using that soon.
Thanks,
Nate
I’ve used the coinstar machine but I try to make it a point to never do so. My bank will count my change for free and I usually deposit it. I still don’t have free checks though and that really bothers me!
Good ideas in this article! Keep’em coming!
Don’t forget credit unions. They often provide free coin counting and free checks.
Very true, credit unions are more likely to offer those types of benefits because they’re smaller and more community centric.
Great tips. I agree completely with the first one. You are better off to buy something from the store and get cash back then paying all the ATM fees.
If you have your credit card through a bank or credit union, many times you can call your financial institution and have them transfer your payment from your checking or savings account for free. This saves you a check, a stamp and the hassel of late fees and charges if you don’t remember to pay until the last minute or the mail is delayed. I work at a credit union and encourage people to do this- many members had no idea they could even do this and are thrilled with the idea. The only way this wouldn’t work though is if you pay your balance from an account at a different bank or credit union.
Don’t forget rewards points and other kickbacks. Wachovia’s check card gives you one point (worth about .2 cents) for every dollar you spend, with bonus points given for using their credit card or Earn More Mall. By itself, it’s a pretty lame reward when contrasted with credit cards, but Wachovia’s Way2Save savings account program will transfer a dollar from checking to savings every time you make an electronic transaction. You can also transfer up to $100/month automatically. The first year’s APY is a guaranteed 5%, with 5% matching funds deposited after one year (that is a bonus, on top of the regular interest rate).
I’d suggest developing a relationship with a personal banker. I recently consolidated my family’s bank accounts with a single institution to take advantage of their rewards checking program. My personal banker has given me heads up on upcoming on CD rates, waived some fees and given me free checks for a non-profit organization that I am treasurer for. All these things have helped me generate a higher return on my bank deposits.