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Banking Fees and Billing Cycles Saving Money with Billing Cycles by Nikki Willhite Why does each week seem to bring so much copy for this website? Once again my bank has irritated me.  I had just recovered from my "Billpay Error",  and now this. No one, but no one, likes to pay banking fees. The debit card fee that some banks tried to impose caused so many people to close their accounts and start using credit unions, that the fee was quickly dropped. Most banks do, however, have a few rules to avoid service fees. One of them is to keep a ridiculous amount of money in your checking account. The other one is to have a direct deposit each month to your checking account. This is what we have always done. Problem is, in our case our income source changed. The day of the month when the money is deposited is not the exact same day each month. Every day, when I turn on my computer, I check my banking accounts to make sure everything is okay. You may think this is overkill, but just 4 days ago I found a fraudulent charge that caused us to have to cancel our debit card and send for a new one. So when I did my morning inspection of my banking account, I was very surprised (not in a happy way), to find that we were charged a $7.00 service fee.  I called the bank, and they said it was because our monthly direct deposit didn't fall into their "billing cycle."  We were going to end up with two deposits for one billing cycle, and none for the current one.  How stupid is that? After arguing with the first banker on the telephone, we asked if we could speak to her supervisor. The banker didn't want to do it, and kept telling us that her supervisor went by the same "rules" and couldn't do anything for us. However, we insisted. Bottom line, the supervisor removed the charge, and changed our billing period/cycle to the 1st of the month to the end of the month. Keep an eye on your bank, and insist that things that defy common sense be corrected.  Watch your money. It is hard enough to control your own spending, without the added frustration of other people and institutions trying to take your money. About the Author: Nikki Willhite, mother of 3 and an interior design graduate, has been writing and publishing articles on the topic of frugal living for over a decade. Visit her at www.frugalhappyfamilies.com - where you will find hundreds of frugal living tips and articles. Frugal Happy Families- more than just money!

 

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