10 Banking Moves You Should Make Today

7. Don't chase minimal interest. Most banks offer two typical checking-account alternatives: basic and premium. The basic account will have a lower minimum balance requirement, but it will usually have restrictions on the number of no-cost transactions you can make each month. A premium account will offer interest and allow for more no-cost transactions but will require a larger minimum balance to avoid monthly fees. Since failing to meet the requirements of either of these accounts can result in costly fees, you need to choose the one that best fits your checking habits.

Rarely is it worth chasing the premium checking account for the interest alone. These checking accounts usually have low, noncompetitive interest rates. Getting no interest on the checking account and putting the difference in your online high-yield savings account will almost always result in a better overall return.

8. Balance your checkbook. It sounds obvious, but numerous surveys indicate that you probably aren't doing it. Balancing your checkbook achieves two important goals that will help your finances. First, knowing your exact balance will ensure that you don't accidentally bounce a check. In addition, it will allow you to reconcile your banking statements to make sure they are accurate. Yes, banks do make mistakes.

9. Always get checks on the Internet. You want to avoid getting your checks through your bank. Banks know that it is convenient for you to order your checks through them when signing up for your account, but this convenience is costly. You can find the same check online for about half the price.

10. Close accounts you don't use. In the past, if you had money in an account, you could leave it there and not worry, but that is no longer the case. Banks frequently change the terms of accounts, and an account that is forgotten or not used could very well be drained of any money in it through newly enacted monthly fees. Even worse, once the account hits a negative balance (due to the monthly fees), it will incur even more fees for not having money in it. Rather than find yourself facing a situation in which you owe money, you're better off closing any account you're no longer using.