10 Banking Moves You Should Make Today

4. Set up direct deposit. In addition to saving you the time of having to go to the bank each pay period to deposit your check (and the incidental costs associated with that), direct deposit can also give you leverage when negotiating on checking-account fees. Although this is rarely advertised, many banks will waive checking-account monthly fees if you direct-deposit your paycheck. Simply ask your bank what incentives it gives customers who direct-deposit their paychecks.

5. Opt out of "courtesy overdraft" protection. This "service," which essentially lends you the money to cover a check that would otherwise bounce, is also called "bounced check protection," and many banks include it as standard for all their customers. This means that you have to opt out of it on your own, which you should do. While on the surface it sounds like a great deal (you don't have to apply for a line of credit, and the bank doesn't charge a monthly or annual fee for the service), it's extremely expensive if you ever need to use it (up to $40 per bounced check with a $5 per day penalty until the money is paid back). This means a single bounced check can cost hundreds of dollars, and that's why you don't want to accept this "courtesy" service.

6. Apply for overdraft protection. Since you just canceled your courtesy overdraft protection, if you're worried that you might bounce a check sometime, you should sign up for overdraft protection. Your checking account will be linked to an account that will supply funds if there is not enough money in the checking account. Setting up overdraft protection should be free, although there will be a fee if the overdraft protection is ever needed. Even if it is needed, the cost to you is far less than the fees for bouncing a check or using courtesy overdraft protection.