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I would rather keep my money in a shoebox than in a big bank. Like many Americans, I have had it with big banks charging fees for everything they can possibly get away with. Checking account fees, penalization fees, debit card fees, and my personal favorite is the overdraft fee. I have a serious issue with being charged to use my own money or being charged over $30 for being $2 short in my account.
Closing My Accounts
I have closed my checking account and am currently in the process of closing my savings account. I say “in the process” because there is a fee at my bank to close my own account, which I have no intention of paying. If I withdraw everything down to the last dollar, I’ll be charged a fee for having my account below $500 and end up owing the bank money which defeats the purpose of saying “no” to the fees they charge.
Fees for 2011
If Americans don’t think bank fees add up, look at your bank statement and keep receipts from ATM withdrawals that cost between $2 and $4 each. I withdrew cash at least 150 times last year. In 2011, overdraft fees at my bank cost me $760, ATM withdrawals cost another $318, penalties cost another $125, and other fees (such as stop check, ordering checks, monthly checking charges) cost another $215. That’s a total of over $1,300. My bank took me to the cleaners last year and I don’t plan on letting it happen again. An extra $1,300 would be great right now; I would much rather spend it on my family than line someone else’s pocket.
Keeping my Money Safe
A shoebox might not be the best way to go as far as keeping my money safe but there are other options rather than paying ridiculous fees every week at the bank. I’m having a safe installed in my home for my cash and valuables. I would much rather invest the money in a high end safe than pay one more $2 fee or $30 overdraft fee.
I know that saying no to the bank fees by myself won’t change anything. It will affect me more than the bank if I close my savings account but at least I’ll be $1,300 wealthier next year.