Still paying banking fees?

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Stop Paying Bank Fees

Are you still paying banking fees? If you are, you should look at free banking options. A monthly fee of $12 or $15 can trun into a considerable amount over the years. Follow these steps to eliminate banking fess.

A. Consider banking online with a finanicial institution who gives you lots of value added services. An example is President Choice Financial. I get free checks (which TD, CIBC would never give) and earn at least $100 in free groceries just for using their services. It's like a double-dip bonus. I am banking free and getting free money for free banking.

B. If you are not comfortable with online banking, find out what is the threshold to avoid bank fees at you local branch. Usually this threshold level is $1000 but it can vary bank to bank. Shop for the best deal and never pay any transaction,ABM or checking fees.

C. Financial Consumer Agency of Canada (FCAC) provides interactive tools, cost of banking guide and information about different types of accounts and banking service packages available in Canada on their website. Click on the above link and then click on For Consumers and it will take you to a page where you can do your research on banking and other financial products and services.
First Published: June 22, 2007 ADawnJournal.com

How Long It Takes to Double Your Money?

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Double Your Money

Have you ever looked at your savings account statements and wondered how long would it take to double your money at interest rates mentioned on those statements? By using a simple formula, you will be able to figure it out very fast.

This simple formula is called The Rule of 72. The rule works when your interest rate is compounded annually and you are not taking out any money or interests from your account. To find out how long it will take to double your money, take your interest rate and divide 72by your interest rate. Yes, 72is the magic number here. Let's say your high interest savings account is paying you 3% interest, divide 72 by 3 and it comes to 24 years. If you add more money every month to your capital, your money will double in lesser years. If you have a mutual fund which returns roughly 10% annually, your money will double in 7.2 years. Don't be discouraged by these long years. Investment is a discipline and you should not expect miracles to happen overnight.

First Published: Apr 17, 2007 ADawnJournal.com