For those of you still using big banks as your primary bank, I highly recommend using an online bank for all your banking needs. These online only banks can now replace the brick and mortar banks we’re all used to.
While the large majority of my funds are in my online bank account, I do still keep around my big bank. It has a few features that make keeping it around worth it, including very convenient ATMs and transferring money to and from friends and family takes just a seconds.
I really dislike big banks. So while I use their service, I don’t want them to profit off of me, or profit as little as possible. I greatly prefer to give my money to those who provide excellent customer service and don’t charge fees.
There are a few things we can do to reap the benefits from the big banks but avoid letting them profit from us.
1. Always keep the minimum required balance, plus a little extra to avoid missing a payment. Make sure to avoid the fees but don’t keep money sitting in your checking account that could otherwise be kept earning real interest rates. The interest rates big banks offer in their savings accounts are incredibly low so keep your funds somewhere else!
2. Reap rewards without paying fees. I earn hundreds of dollars in credit card rewards each year. So they pay me hundreds of dollars and I get the convenience of paying in credit. Big win for me!
3. Use in-network ATMs. By only using ATMs in the network, you use the banks to access your money get access to your money while the bank doesn’t make a penny, no matter how often you use them.
And if you want to cut out the bank completely, use a Visa Prepaid card with
direct deposit, and you never have to worry about the bank profiting from you again. The process is super easy and gives you full control of your money!
This is how I take advantage of the bank and use them to my advantage while not paying them anything for all the benefits I get.
Do you use the big banks for the benefits without letting them profit?
I am blogging on behalf of Visa Prepaid and received compensation for my time from Visa for sharing my views in this post, but the views expressed here are solely mine, not Visa’s. Discover more at https://www.VisaPrepaid.com or view more Visa Prepaid videos at https://www.youtube.com/visaprepaid.