Tired Of Paying Bank Fees?
According to a recent study, most Americans are unaware of the service charges they pay to their banks. Many consumers pay upwards of $125 a year to use ATMs, pay bills online, send or receive wire transfers or take advantage of other basic banking services.
Fortunately, some of today's Internet banks are giving consumers an alternative to the traditional way of banking.
For example, instead of charging $4.50 per month for online bill paying services, Internet banks, such as US Bank, offer the same service for free. Consumers are also finding that many online banks reimburse for ATM surcharges, up to $12 per month.
Some online banks even offer free domestic wire transfers, a $15 to $20 service at traditional banks. This can add up to significant savings, particularly for those who send money to children at college.
But first a word of advice. Do your homework before opening an online account. SmartMoney magazine rates online banks in its "Best of the Web" at www.smartmoney.com. Gomez Advisors, a service which rates e-commerce providers, also ranks the best in online banks at www.gomez.com.
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