That $20 for the movies is not worth the fees

Little Ways to Save Money that Everybody Ought to Know

In times of economic instability where job security is a becoming a thing of the past, one must start thinking and living frugally. One way to do this is by cutting the unnecessary fat from our spending. The most inconspicuous fat in our monetary lives are fees. There are many hidden fees in our lives and if we find out what they are, and how to reduce them, they can turn into little ways to save money each year. Let examine cutting fees to save money.

Banking Fees

One of the most well hidden banking fees you may not know about is related to a limit on transactions to and from your savings account. Regulation D sections 204.2(d)(2) and 204.2(d)(4) lay out the limits and your bank recourse of action to enforce those limits. Section 204.2(d)(2) allows for only six transfers, withdrawals, or a combination of both, every four weeks or statement cycle. In addition, no more than three of these allowed six, can be made by check, draft, debit card, or similar deposits made by you and paid to a third party. In section 204.2(d)(4), banks can either prevent additional transfers from your savings account or they have the option of exacting fees. Since banks are in the business of making money, you are more than likely to be hit with a fee.

Fees for Using Plastic

Credit and debit cards come with numerous fees that are often in plain view in your cardholder agreement, thanks to the Schumer box. However, additional fees can creep up for credit cards in your billing statement inserts. Of course, there are the standard fees such as over limit and late fees; however, many fees are present that are not readily recognizable as fees.

Fees under the guise of percentages are the most common of the hidden credit card fees. Cash advances usually charge between two and four percent of the amount obtained, plus the APR is often higher than that for purchases, and there is no grace period for cash advances. This means as soon as you take out a cash advance you begin to accrue finance charges. Plus, the low APR you have for purchases could be snatched from you if one late payment or over limit occurs on your account.

Pre paid debit cards have fees for any type of transaction you may make. There are fees for loading funds, transaction fees, non usage fees, ATM fees, and if you want to get away from paying transaction and ATM fees you can opt for a monthly fee for some issuers. Debit cards linked to your bank account do not come with the fees that their pre paid counterparts do, however, they are subject to the same fees outlined in your checking, savings, and/or money market account documents. Unfortunately, debits cards can overdraw your account due to the following:

## ## 1. Delays in processing debit transactions.

2. Inconsistent record keeping on your part.

3. Your bank allowing transactions to process even though you have insufficient funds in your account.

Number three can cost you hundreds in one statement cycle if not realized initially due to overdraft, insufficient funds, and sustained overdraft fees which can easily pile up before your bank sends you a notice of the overdraft. In addition, ATM fees can add up over the course of a year, especially if you use an ATM machine not owned by your bank. Banks can charge anywhere from $1 to $3 for using their ATM and your bank may add an additional $1 to $4 on top of that.

Fees Associated With Bill Payments

It is common knowledge now that late payment of bills may result in late fees, but did you know that some companies charge a processing fee for convenience payments? Paying a bill over the phone with a check or credit card can result in an additional fee called a processing fee. So instead of paying $100 for your gas bill, you could pay $103 or more. These fees even pop up when paying bills online with certain companies.

Finding Little Ways to Save Money by Reducing These Fees

Once you know what fees you are dealing with, it is simple to cut them down to size or even eliminate them altogether. Here is a list of ways to manage these fees so you can save money:

1. Maintaining an up to date record of your checking account is a huge way to save money

a. Log every transaction that moves to and from your checking account the moment you initiate them or anticipate them to occur (for recurring transactions)

b. Remember to include ATM fees your bank charges each time you make a debit withdrawal

2. Limit the amount of transfers to and from your savings account to within the limits set forth by Regulation D.

a. Make no more than 3 transfers to your savings from your checking account

b. Try not to use your savings account to pay third parties, such as bills, if at all possible

3. Only take cash advances from your credit card in the case of an emergency. That $20 for the movies is not worth the fees assessed in the long run.

4. Paying your credit card bill on time to eliminate late fees and to maintain your low APR can save you money through the life of your credit card.

5. Use your pre paid debit cards wisely as a little way to save money.

a. Eliminate frequent load fees by loading larger amounts sparingly. Loading $200 twice a month with a $5 load fee instead of loading $100 four times a month can save you $120 a year in load fees.

b. Opt for POS cash back instead of using ATMs( also useful for checkcards/debit cards). You may only receive the fee assessed for purchases. However, banks are becoming hip to this trick so be watchful for updates in your terms and conditions.

a. On line banking offers easy tracking of funds movements to stay on top of discrepancies between your records and the bank’s

b. Make use of automatic bill payment if available to avoid late payment fees and biller payment processing fees

He makes some excellent points and some great

Letters to the editor 10

These are workshops focusing on specific topics and concerns that our individual communities have. Our RDOS Area D director, Ron Obirek, attended. He was able to get the attention of the housing minister. OK Falls needs housing. This is invaluable.

A face to face meeting will never be replaced by an email or even a phone call if he could even get through to speak to the minister. This is an opportunity to meet some of the politicians that can go to bat for us.

## ## Is there a solution to the opioid crisis? I highly doubt it will be found in Quebec City no matter how many delegates went. And what does Doug Holmes being fluent in French have to do with anything? Last I heard they also spoke English in Quebec City.

I think James mischaracterizes the people going. Maybe some of the members are treating it like a holiday; I believe most are not. They are working and talking and meeting and sharing. I know our Area D director has our interests in mind in attending; that is why he is there.

James also commented on the closure of the IGA in OK Falls.

His statement that the people in this town have brought it on themselves is not only judgmental, I think it is wrong. I don’t know anyone who doesn’t compare prices, including you, James Miller.

There is an IGA in both and Summerland. Why not increase the orders of goods and divert some of it out here? I think the prices they have been charging us are all about greed. It is no secret that most businesses’ bottom line is money. It is very sad that they don’t consider people’s needs as well, many of the same people that have supported the store all of these years in our little town.

Enviro letter strikes a chord

Dear editor:

John Thompson wrote a well thought out letter (Herald, June 13) about good riddance to single use plastic. He makes some excellent points and some great suggestions to clean up our collective acts.

However, he did mention that a carbon tax doesn’t improve the climate and I would like to share something that suggests carbon tax has a role to play at a corporate level.

Waste Connections is the third largest waste company in North America. They have a landfill in Quebec that is designed to harvest methane created from fermenting garbage. Usually methane production is an unwanted byproduct of landfill management.

Waste Connections made an arrangement with a gas distribution company and proceeded to build a scrubber plant that further improves the quality of the gas produced.

This cleaned gas is then sold to states and provinces and it qualifies for carbon tax relief as the natural gas was produced in a landfill.

This is a win win win as Waste Connections is now an energy producer, citizens use a sustainable natural gas and down the road waste may be looked at as an asset This shows that carbon tax does have a role to play at the corporate levels of waste, water and other resource management.

If we are going to make inroads on the climate change, we are going to need a multi pronged approach

Brian HughesDear editor:

John Thompson wrote an excellent letter on the many ways that we are ruining the environment. I think it would make an excellent editorial or guest column.

Using fossil fuels for energy (gas, heating, air conditioning, etc.) is only part of the bigger picture. There are too many people in this world and too many of them have a truly decadent life style.

The only comment I would like to add to his letter is that although electric vehicles are the right thing for the future, at this time there is not nearly enough electricity to fuel enough vehicles to make a real difference. This is another reason why the Site C dam is so very necessary.

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