Your first experience with banking was probably putting coins into a piggy bank. Once your money was secured away, you didn’t think about it again until you needed it. Now that you’re a grown-up, you may find that this classic experience has set the tone for your banking practices. Maybe you don’t consider your bank as anything more than a warehouse for your money — even if it’s not as cute as the piggy bank of yore.
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But your bank is so much more than this: It’s a valuable resource and ally in helping you grow your wealth. There are actually a number of services available at your bank that you can use to get smarter about your money, avoid fees and even get better rates. Best of all, they’re free.
GOBankingRates connected with Patrick McConnell, consumer banking product management director at Wells Fargo, and Mary Loftus, president of Impressia Bank, to learn more.
1. Get Fees Waved
McConnell shared that many customers don’t know that deepening their relationship with their banks can increase their access to bank benefits. He emphasized that if you have a checking account with a higher balance, you could have fees waived, such as monthly service fees, wire transfer fees, or out-of-network ATM fees.
Loftus agrees, adding that being proactive can yield positive results. “Often, bank rates are negotiable,” she said. “A phone call or email asking for a better rate may immediately result in a better offer for you, either saving you money or making you more money immediately.”
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2. Receive Better Rates
If you’re building a relationship with your bank, McConnell believes you’ll soon discover that you could be eligible for better mortgage rates, as well as discounts on exchange rates for purchases made with foreign currency. You may also be able to order cashier’s checks at no additional cost.
“It’s important for consumers to understand what their bank offers and to ask questions to learn all of the benefits offered,” he said.
3. Get Financially Savvy
Sure, becoming more financially literate has been a goal of yours for years now. But finding the right resources can be incredibly time-consuming, and you may not have the money to hire a financial advisor. What if you could find all the information you needed in one place? Even better, what if it was completely free?
If that all sounds good — and of course it does — you’re in luck. Your bank’s website can be a treasure trove of details that can guide you in your financial decisions.
“Most people may be unaware of the free content on their bank website that provides valuable information to make better decisions,” Loftus said. “As an example, Impressia Bank offers a Financial Wellness Center to help build financial know-how for wide-ranging topics. If you have a New Year’s resolution to live better financially, the advice is out there.”
4. Budgeting Advice
It’s one of the most common pieces of financial advice out there: Build a budget. Yet figuring out exactly how to fit your income and obligations together can be formidably tricky. You could hire a financial advisor, but that’ll cost you — and even after that, it’ll be hard to keep yourself on track.
Before you despair, know that Loftus has an easy and free answer for you: “Most people don’t realize that banks offer free budgeting services through their online banking or mobile app. Ask what personal financial management platform the bank offers and schedule time to use it regularly. The more time you invest on your budget up front, the less work it takes over time.”
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This article originally appeared on GOBankingRates.com: I’m a Banking Expert: 4 Services Most People Don’t Realize They Can Request — for Free
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
