Posts Tagged ‘best money practices’
Written on February 22nd, 2012 by Samanthano shouts
Consumers are rapidly changing the way that they spend money. Modern consumers want convenience and better prices even more than ever—in fact, they are demanding it—and they know how to get it too. With the rise of the great and magnificent Internet, a plethora of valuable information has made consumers all the wiser. Along with this phenomenon is the increased interest by advertisers to sell their wares on the Internet, as well as build interest in their retail stores among consumers. Now, the newest phenomenon is the rise of the mobile Internet via smart phones and tablets—and this is only the beginning.
Savvy Shopper
Every consumer wants to feel as though they have the upper hand in making purchases. The modern selling market, with an increase in electronic points of purchase, has opened up more choices for consumers. For most products, consumers no longer have to settle for what’s right in front of them. Today’s consumer can shop around, and at his or her convenience. According to a recent “technology business” presentation at the Web 2.0 Summit in San Francisco by Mary Meeker, an expert in the field, the increasing trend toward online business transactions is officially the preferred way for consumers to shop.
Consumers have driven ecommerce to an all time high. Meeker’s presentation put a spotlight on the tremendous growth of ecommerce over the last decade—retail store sales have risen to a height of approximately 6% with a marked depression of -9% at the beginning of 2009. On the other hand, ecommerce experienced a 30% height with a marked depression of -3% during the same beginning period of 2009. During the observed ten year spread this significant difference in percentage of sales was maintained with only a 10% minimum difference for at least six years straight, with ecommerce dominating the market.
Recovery of both systems were nearly parallel by the end of 2009 until the first quarter of 2010, when both systems started to split with ecommerce returning to a dominant height.
Commerce Going Mobile
Consumers have become savvier as the age of the Internet has pressed on. Comparison-shopping has always been a strategic staple of shopping. This may have called for a lot of legwork, then on to comparison-shopping online—today comparison-shopping can be done on mobile devices. In fact, there has been an unprecedented rise in mobile comparison shopping—while in retail stores 52% of consumers were able to find items at a better price online, 51% found items at a better price at another store, and 34% found negative reviews about an item on mobile devices Q3:2011.
Another selling point being used by merchants is giving preferential treatment to mobile users such as mobile user discounts, mobile coupon recognition, and specialized apps or subscriber programs that send out text messages advising consumers of upcoming deals that they can take immediate advantage of. As I am sure you can imagine, this is a seriously meaningful prospect for merchants and advertisers alike. This has also proven to be a “rejuvenator” of “local commerce” as a direct result of these activities.
According t0 Meeker’s report, the skies the limit on this type of mobile growth.
Resource:
Business Insider: http://www.businessinsider.com
Written on February 1st, 2012 by Samanthano shouts
Facebook has gone public today and now has an IPO. An IPO, an initial public offering is a way that private companies go public which reveals the inner workings of the company including financial information. Francis Gaskins, President and Editor of IPODesktop.com describes this process by using a “real estate analogy,” stating that it’s like a house that was once private and not open to the public is now on the open market where all relevant information is disclosed. The company, now open to the public, is “followed by analysts” and monitored by the Securities & Exchange Commission (SEC).
A company must go public when there are more than 501 investors and worth more than $10 million dollars.
A company usually starts trading about eight to twelve weeks later—after announcing it’s IPO.
This company’s information is being offered to attract investors that want to support the company as a shareholder and hopefully make money as the company grows. To invest, you must already have an account with an investment firm. You can then go through the investment firm to make requests to buy or sell investments.
What does this mean to you?
For such a huge and popular company such as Facebook, there is a lot of buzz and interest—it’s considered to be a “hot IPO.” This means that a lot of investors are going to be initially interested which will result in a spike on investing with the company during the first days on the market.
The people that are going to really see an immediate return on investment—and the making of instant millionaires—will be the employees of Facebook that have shares in the company. Other investors that are able to invest larger amounts of money and acquire more stock will also be prevalent. Traditionally, these are the sectors of investors that are able to afford immediate investment and thus experience a greater or more immediate return on investment.
It has been said that Facebook is going to offer a large amount of stocks so that regular people that hope to invest in the company will also have an opportunity. Being that the United States is the only country that does not have laws against a particular criteria of classes of people that may invest, this may be a huge opportunity for even the average investor.
It has been reported that Facebook opened a $5 billion dollar IPO.
The thing is that with Facebook, everyone knows about it and may sink money in for the moment before “spreadsheet” analysis has been generated that shows actual growth. This could mean a lot of changes by next week. Traditionally, low-key and unknown companies are more attractive for investors because they will be able to buy at a low price and sell at a much higher price—this is a time proven strategy.
Experts are advising that investors that purchase on Facebook today should seek to trade sooner than later, and not hold on to the stock for too long. Gaskins stated that within the after-market, the selling point in the weeks after the initial announcement of an IPO, more analysis would become available to make a more strategic decision on investing.
It seems that only time will tell.
Resources:
Associated Press: http://www.ap.org
Yahoo! Finance – Breakout: http://www.finance.yahoo.com
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Tags:after-market, best money practices, facebook, finances, initial public offering, investment, IPO, IPOs, Market, portfolio, risk, stock market, Stocks
Written on January 30th, 2012 by Samanthano shouts
The great recession that we are in has meant that a lot of Americans are cutting back on a lot of usually affordable items. Making ends meet with less income is a way of living that a lot of us are getting used to, until we can do better.
Experts are noting that unemployment has gone down; however, more detailed studies reveal that the numbers are illusionary because those that have run out of unemployment benefits or are not eligible for benefits are not counted as being unemployed.
As time goes on, many American’s unemployment benefits are being exhausted and they have become ineligible to reapply. However, this does not mean that these people are working—and at most they may be underemployed. Then there are those that are not eligible, like those with failing businesses that can no longer stay afloat. These people are not being counted by the general census for unemployment accuracy—this is the conundrum.
Among many other things, what we are left with is a class of people that have to pay living expenses with much less. For those that are living with one income when your household once had two, or you are underemployed, you may appreciate this information.
Basic Survival
Being creative is a skill that can get you far in times like these. What it really comes down to is making it from day to day.
For those fortunate to still be in the workforce, plan out all of the necessary things that you need for the week. You need to be sure to get to work everyday, so be sure to have that expense covered.
Buy your transportation fare card ahead of time. Some employers have a program that allows you to purchase transportation fare cards, like a metro card, directly from the employer. The money is taken out of your paycheck before your deductions are calculated from your gross pay. This may alleviate some financial burdens for you later on in the year—ask your human resources department about it.
If you drive to work, be sure to put aside gas money. Avoid parking tickets and any other fee related offenses. The last thing you need is to spend more money or not have the use of the vehicle you need to get back and forth to work or to support your family care needs.
Pack a lunch instead of buying takeout all of the time. If you don’t like eating leftovers for lunch, then buy lunch items when they go on sale at your local market. You may be able to save 30%-60% off of lunch food costs when compared to buying lunch from vendors near your job.
Keep home expenses down, like utility costs, food, and repairs. Keeping on top of your utility usage will help to keep them low. Try to purchase foodstuffs when they are on sale, and store them well. Keep up on minor repairs so that they don’t turn into expensive home improvement projects later.
Entertainment
Relaxation and getting in enough down time is very important. You need to get proper rest to recharge yourself. This may call for some distraction and entertainment. You may not be able to go to the movies on a regular basis and movie tickets are very high right now—no problem. Check out you local paper for free to-do events. Go to the park, botanical garden, or museum on discount days. Go to your destination’s website to find out the discount price and free event schedule they have to offer. You may be surprised at how affordable and convenient this may be for you to do right now.
Don’t want to go out? Then stay home and log onto one of the low cost video streaming websites that you subscribe to. Netflix® video streaming is less than $10 dollars, and Hulu® is free—and a paid subscription to Huluplus® is also less than $10 dollars. I am sure that the low unlimited video streaming costs are less than haff of what others may pay for cable. Unplug the cable and go online for much less and with more flexibility and control.
Save, Save, Save.
I know that his may seem really daunting in times like these. It is truly challenging to save a significant amount of money right now—but that is ok, do the best that you can at the moment. Saving even just a few dollars from paycheck to paycheck really adds up. Perhaps you may not save enough for an all expense paid two-week vacation; however, you may have saved enough money to be sure you don’t run out of money for your basic expenses. Do your best to not have to borrow any significant amount of money. Nothing can be worse than trying to pay back money when you and your family are living on a very low income.
Written on January 28th, 2012 by Samanthano shouts
How can you start off the year better than the last—start managing your money better from the start of it. This is such a simple idea and easy to follow. Take the beginning of this year to chart out a way to have a better grip on your finances.
January is coming to a close, so most of the mood for procrastination should also be coming to a close. Take this time to make a basic outline of how you want the next few months to turn out—financially. Map out all of your usual financial obligations by each quarter or individual month of the year. Let’s get started.
January through March
Get all of your holiday finances in order. By now, all of the credit card charges that you made over the holiday season should be posted and ready for payment. Paying the minimum amount due may suffice; however, paying even 5%-10% more can make a tremendous difference in the long run. Paying off all of your holiday debt should be your ultimate goal.
Look at your calendar and figure out what key events will effect you finances and just jot them down accordingly—a simple title will do to get you started, you can always follow-up with details at another time. It is just important that you get that much done, for now.
Stay on track and pay down that debt.
Tax time is right around the corner. If you have not already, now is a good time to gather up all of the necessary paperwork for filing. Check in with you accountant and discuss the details on what you may need for this year as your needs can change from year to year. Be sure to check in with your accountant early to find out his or her availability.
Start thinking about what you want to do this summer. Will you be going on a vacation? Will you be staying home? If you have children, will you be sending them to summer camp? These are all serious expenses that you should start considering and planning for.
April through June
Spring is in the air and so are new expenses—new spring and summer wardrobe to consider, home repairs and improvements, more holidays and special events to plan for. Parties, graduations, and outings may dominate the latter part of the spring for you and your family. Be sure that you have planned well to meet all of the accommodations you want to offer.
Keep all of this in mind and stick to the financial outline that you have created with your calendar in January.
July through September
Summer is officially here. Your wardrobe has officially changed by now. Be sure to have a hold on any related purchasing expenses and continue to keep up your payment plans. Keep a close eye on your calendar for reference. You should be continuously plotting in details for the general goal titles you have posted on your calendar already.
Big holidays like Independence Day can be quite expensive. Be sure to have a set budget for this. If you are hosting a party, get invitees to bring something to cut down on your own expenses. If you’re traveling to a party, be sure that you have money saved for gas, lodging, and other related traveling expenses. The same goes for family reunions, get-togethers, anniversary parties, and Labor Day.
By the time Labor Day arrives, you should already have your child’s back to school expenses planned out—or perhaps your own back to school expenses to think about. There should be a lot of really good sales going on from late July through August on targeted back to school items.
October through December
The biggest holidays of the year are well on the way—Thanksgiving, Christmas and other religious holidays, and New Years.
By late October and early November, you should really think about how you will be spending your Thanksgiving. Will you be hosting or going to visit someone else? The same goes for upcoming religious holidays, and of course New Years as well.
These holidays usually require the most money effort so plan early on costs for hosting a holiday gathering, gifts, and wardrobe.
Sticking to a basic plan and plotting your way through the year will prove to be a tremendous help. Be sure to modify your calendar with more details and continue to personalize it for new events as you become aware of them.
Written on January 26th, 2012 by Samanthano shouts
JCPenny® has been making big waves in the newsroom lately. The conglomerate has made announcements this week to make those waves. They have new leadership, a new look, and are making dramatic changes to their “pricing strategies.” These will be distinguishable by a multi-tier “level of pricing.” The three identifiable levels will be designated by clearly laid out badges for the public to quickly and discernibly make selections from.
Everyday Value (red tags)
Monthly Long Value (white tags)
Best Prices (first and third Friday of each month)
These three levels of detectable shopping values are expected to bring in more customers and promote more return visits. Goals are set for “shopping to be an event again.” JCP has noted that they created approximately 590 promotions in 2011—with a visitation ratio of 4 visits per consumer out of 12 months means that the majority of visitors were not aware of active promotions, according to JCP strategists. The new strategy is supposed to change all of that by offering continuous sale advantages. JCP strategists believe that this will promote a higher frequency of planned shopping trips. This anticipates higher spending and return shopping visits.
The estimated value of the proposed discount is expected to be a permanent price reduction of 40%-50%, at all JCP stores throughout the country. That is a huge amount of saving and at such an opportune time, when the Americans are looking for the better deal everyday.
Some financial experts have critiqued this strategy by noting that Wal-Mart® stores attempted to do the very same thing and experienced a financial backlash because of it. However, other experts are banking on JCP making a better go at it. Only time will tell.
Meanwhile, Wal-Mart and Target® are doing the best they can to hold the better title of all around store value. Following Wal-Mart’s successful venture into grocery offering, Target has recently expanded its full grocery section to include fresh produce.
Each store has prided themselves on having very low prices and at convenient locations. However, a recent survey conducted by Kantar Retail IQ has revealed that Target has lower prices than Wal-Mart. This is from a study started in 2009.
The survey included purchases from edible and non-edible groceries, beauty products, and store brands of various items. The study concluded that Target shoppers are saving close to 3 percent more than Wal-Mart shoppers. This is the result of a test that was conducted five times, with Target being the better place to buy three out of those five times. So Wal-Mart does have some good days—as a consumer you may have to dig a little to find them out though. Some advice offered by the experts:
- Target fared well when key items were on sale. The sale items offered a deeper discount when compared to Wal-Mart.
- Wal-Mart store brands had an overall advantage over Target store brands for pricing. If you like the Wal-Mart store brand, then you may want to stick with those.
- Wal-Mart does not want to be defeated and is also “reemphasizing” its own low pricing strategy—so that they may have more to offer, and for less than Target, in the very near future.
To the winner, go the spoils.
Resources:
Daily Finance: http://www.dailyfinance.com
MSN Money: http://money.msn.com
Written on January 16th, 2012 by Samanthano shouts
Credit cards have been a staple in American homes for quite some time. The current great recession has forced many to utilize credit cards to make ends meet. This is completely understandable and necessary for those that have adopted this practice. However, there are pitfalls that should be avoided at all cost. Activity that can affect your credit score can be detrimental to your ability to access much needed cash later on. Here are a few tips on how to stay on top of what matters most.
Limits
Some credit card users may believe that having a lower monetary limit on his or her credit cards is a good thing. This is certainly not so. Having a lower limit will probably result in you maxing out that credit card much sooner that a credit card with a much higher limit attached to it. This can be interpreted as an undesirable quality in the way you handle your financial responsibilities. Having a balance of $500 dollars on a card with a $500 dollar limit is far worse than having that same balance amount on a credit card with a $1,500 dollar limit.
This issue is compounded if credit card users with very low limits have several low monetary limit credit cards. Having several cards that are maxed to the limit can be quite damaging to a credit rating.
These types of cards are more typical of store credit cards than bank credit cards.
Credit card users should look to use only about 30 percent of his or her total monetary credit card limit. The more you have to use, the better—this will likely result in a much more favorable credit rating score.
Interest Rates
Credit card interest rates can be quite daunting. Typical rates are currently at 18%-25%. That is extremely higher than most people can afford. What a lot of credit card users don’t know is that it is possible for these rates to be lowered—or switch to another card that does not have such a high rate. Some consumers have been able to reduce rates to 7%-8%. Contact your credit card company to find out how you may be able to get a lower rate.
Be Alert
Making payments to your credit card company is very important. However, most modern people are continuously multitasking and completely busy—this may leave very little time for managing payments, even when you do have the money to pay.
Most credit card companies have some sort of payment reminder alert system that you can utilize to make sure that you make your payments on time. Go to your credit card company’s website and sign into your account. Within your account you should find options that allow you to set up a payment reminder alert that will be sent to you on a timely basis. This can be sent to your email address or directly to your mobile phone. The choice is yours.
Keeping these few tips in mind while handling your credit card management can be quite helpful and save you a lot of money and headaches in the long run.
Resources:
Financially Fit: http://www.finance.yahoo.com
Main St.: http://www.finance.yahoo.com
Written on December 28th, 2011 by Samanthano shouts
This has been a year that most may want to forget. Financial woes hit Americans hard this year. Lots of things are still out of balance as we look ahead. As this year comes to a close it is a good time to think about your financial future. Here are some tips on shaping up your finances in the new year.
Savings Accounts
This has to be the simplest thing to do. However, a lot of people don’t utilize them as much as they should. Some reasons may be that it is believed that not a lot of money—as interest—may be earned. It’s true that typical bank savings account products made for the average American, with a required minimum balance of only $500 dollars, has an average interest rate of below 1 percent. Accounts that have an increased earned interest value also have an increased minimum balance rate—$3,000 dollars and up. That is a lot of money to have on hand for the average American during such difficult economic times. However, even a 1 percent earned interest rate savings account is good for something—and, it’s a start in the right direction.
Pay yourself by saving a little bit each paycheck. Most financial expert recommendations have been a steady 10 – 15 percent of each paycheck. Recently, this recommendation has been increased to 20 percent. This will make a significant difference in your savings.
Pay Less
Modern consumers have much more choices than ever before when it comes to getting more for less. There are a plethora of discount or coupon services available. For a few dollars, a person may sign up for access to coupon websites where he or she may download coupons to use for grocery shopping. There are also discount website and/or manufacturer issued discount codes flying all over the internet for other wanted items such as clothing, shoes, furniture, bedding, and more.
Another big step for modern consumers are the group discount deals being offered by quite a few different companies. These are offers on mostly lifestyle, therapeutic, or relaxation products. Some of what is being offered are discount travel and vacation destination rates, discounts on dinner at trendy metropolitan restaurants, and discounts on gym memberships or fitness classes—the choices seem to be limitless.
Get More
Pleasantness with a mix of proper manners may go a long way on bumping up amenities at certain establishments. Being courteous to the staff at a posh restaurant or hotel may amount to getting more stuff for the same amount of money you have already invested. It pays to be nice.
Frequent users of certain products may also be able to get more with regular use of particular services. Look for services that offer a freebie or full use of their offered product for free once a consumer has accumulated a certain amount of usage. This can amount to a free lunch or a few free nights at a hotel. Shop around for the best prices online as well as locally. There are a lot of deals out there for you to find.
Written on December 19th, 2011 by Samanthano shouts
Times have been tough for all us lately. The economy has forced many Americans to do without the usual and consistent luxuries. However, American women have adapted and even drove a particular market sky high—nail polish. Isn’t that simply amazing? There are plenty of beauty rituals that do not need to be put off because of the overturned economy. Become a do-it-yourself person, and get the most out of your own natural talents.
Nail Shop Envy
Consistent trips to a nail beauty salon used to be a grooming necessity. Now, it has become an every now and again luxury for many. A typical manicure and pedicure costs about $25 – $30 dollars, with a modest tip for the nail technician. That is a total cost of approximately $60 dollars per month, or approximately $720 dollars per year—when you add that up at the typical bi-weekly visiting rate for nail grooming. This does not include transportation costs, or the purchasing of a quick snack and beverage while waiting to be seated for services. That is a lot of money that can be used elsewhere, and for a more long lasting or productive purpose.
American Women Are Doing It For Themselves
Self-serve has taken on a whole new meaning this year. The numbers of self-grooming products are proving it—nail polish and nail products in particular. Nail polish products buying by average American women has gone up a whopping 59% for the better part of this year, according to the NPD Group market research firm. That is up from the same time in 2010.
Women are able to take care of this task themselves, and the opportunity to change up their look is endless. There is no need to wait for bi-weekly grooming, or for your favorite nail technician to be available. With the colder weather upon us, it can also be a bit more troublesome experience—try to get a pair of socks, boots, and gloves on after a fresh Mani Pedi. All that has to be done is to pick up a bottle of nail polish from a local beauty supply and voila—instant beauty makeover. This is quick, inexpensive, less time consuming, and truly gratifying.
Women just can’t seem to get enough.
Real Beauty
Women who want to be beautiful will find a way to achieve it without the salon. There are lots of beauty treatments that can be done at home. There are homemade beauty wrap recipes and products. Natural product facemask recipes for all complexions are easy to find with the some online research. YouTube is loaded with a plethora of instructional beauty regimen videos. Bring the spa experience home by adding romantic scents to the home atmosphere while performing a home beauty regimen. Make a party out of it by inviting some friends over. Get ready for the holidays—and save some money while you are at it.
With a bit of research women can find a ton of recipes on homemade beauty techniques, at a fraction of the cost of going to a beauty parlor or salon. That’s your beauty bonus.
Resources:
Reuters: http://www.reuters.com
Yahoo!: http://www.yahoo.com
Written on November 28th, 2011 by Samanthano shouts
Retailers waited anxiously for what has become the biggest day in retail for decades now—Black Friday. Occurring on the day after Thanksgiving, Black Friday has been used as a determining retail factor for financial figures for the rest of the holiday season for decades. Retailers that do well on Black Friday may expect to do well financially by the year’s end. This has lead to an expected frenzy of encouraging sales to lure shoppers so that they get a jump making on holiday purchases—including extending Black Friday to “Black Friday weekend.”
Everything and Anything Goes
Televisions, cell phones, computers, house wares, laptops, clothing, furniture, jewelry, and of course the crowd favorite—toys. Retailers had all of these on sale. Savvy consumers made the most out of some of the best shopping deals on the momentous day. Items that were usually sold at much higher prices earlier in the year were offered at a deep discount this past weekend. Retailers have been following suit by offering new items during the Black Friday event. Manufacturers have also been playing along, by offering new and updated items with late fall release dates. This spanned from e-readers to the latest and greatest video games. All of these retail forces worked together for the largest profit imaginable.
So how well did American retailers do this year? Very well, and better than expected according to experts. The National Retail Federation has estimated that during the weekend of Black Friday consumers spent a “record $52 billion dollars.” There were an estimated 14 million more shoppers in stores this past weekend, and nearly 25% of all shoppers that visited stores did so during the 12-midnight opening time on Friday. The earlier shopping hours went over well with shoppers that just wanted to get it out of the way as soon as possible and felt this was a welcoming alternative than getting up in the early morning to beat other shoppers to the door. Some shoppers would have been able to have dinner and camp out in front of stores with dessert—only in America.
And the Winner Is…
Lots of deals had eager shoppers flying in and out of stores this year, and Best Buy was a “big winner,” according to Reuters. Seen by experts as a retailer that may be closing up shop soon earlier this year, Best Buy turned a nice profit by attracting more shoppers than last year. Last season, Best buy concentrated on having some of the best items, but not at the best or most affordable prices as compared to other retailers offering the same or similar items. This year, Best Buy took a huge lesson from last year’s shortcomings and offered some of the best and most wanted items for lower prices. This was definitely their saving grace from this holiday season.
However, online shopping went up by over 30% from last year. The “leader of the pack” being Amazon. Wal-Mart came in second—Macy’s, Target, and Apple online stores also did very well.
Resources:
Associated Press: http://www.ap.org
National Retail Federation: http://www.nrf.com
Reuters: http://www.reuters.com
Written on October 31st, 2011 by Samanthano shouts
Banks are realizing that raising fees are a clear mistake for customer loyalty and morale. Since Bank of America made announcements this fall declaring a rising of debit card fees, there has been an outrage amongst debit card users everywhere. Consumers sensing a trend developing noted their dissatisfaction in great numbers.
The proposed BofA Debit Card usage fee of $5 dollars a month changes are supposed to begin at the turn of the new year. A powerful outcry by consumers has thwarted these general plans. Some customers have even made videos that may be viewed on YouTube. This is a serious move by consumers.
“Consumer power has worked, at least in this case,” according to MSNBC.
As a direct result, BofA has made adjustment that include no debit card fees for: having direct deposit payments from employment payroll, maintaining a minimum balance, or using BofA credit cards.
However, some “experts” have noted that consumers should look out for what they are calling “stealth fees.” These would be fees that may be attached to your account for not maintaining a minimum balance, not making enough use of your debit card, or some other similar type of lower utilization penalty. This could all sum up to being a low blow for consumers that are not rich enough to avoid these fees, if these stealth fees should be applied. No announcements have been clearly made by BofA as to what the bank minimums will truly be. However, it has been in the thousands of dollar mark in the past, according to reports. Today’s average American, cannot afford to keep up with such high minimums on their banking accounts.
Among the Big Banks that have made announcements that they will not charge fees or stop charging debit card fees of this type are JP Morgan Chase, TD Bank, Citigroup, Inc., Ally Bank, USAA Bank, and Wells Fargo. Some banks, like Chase, had tested out an increase earlier in the year are now reluctant to begin the increase. So far, none of these banks have admitted that their change of heart has to do with the backlash of the BofA proposal. Some experts have noted that these banks are doing their best to avoid a “Netflix moment.” There have already been reports of customers actually going into their local BofA branch and literally cutting up their BofA debit cards for all to see.
There is a strong resentment present as customers feel more than slighted by having to pay to use a card for accessing their money.
Alternative banking does exist for those that want to avoid some of the high fees. Municipal Unions, and community banks may offer a lesser financial burden for banking consumers. You may also have an opportunity to make money—interest—from an interest bearing checking account. Online banking, with exclusive online banks, may also be a way to avoid high banking fees. With a bit of research, you may be able to come out ahead of all of this.
Resources:
Associated Press: http://www.ap.org
The Bottom Line: http://bottomline.msnbc.msn.com
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