by Galia Gichon, Ladies Who Launch member, New York City
illustration by Barbara Hranilovich

Banking is such an integral part of our daily financial life. Yet, most people don’t take advantage of the benefits their bank can provide. In addition, you may be spending too much in fees—quite possibly hundreds of dollars a year—that can easily be eliminated.

Let’s start with the ATM. While the convenience is undeniable, the ATM can also be a big source of wasted money thanks to withdrawal fees. If your bank does not have a cash machine near your home or office, consider changing banks. At the same time, manage your ATM visits. Plan how much cash you will need on a weekly basis and don’t visit your ATM more than once a week. You will actually have more money left over at the end of the month.

Even if you are someone who is already banking online, are you taking advantage of all the features online banking offers? For example, you can set up automatic payments to prevent late fees and use this feature to pay down your mortgage faster as well. Even if it is only $25 or $50 a month, you are building equity faster. The main reason online banking is so useful is that you will become more organized. You will pay your bills in much less time, know what checks have cleared, be up-to-date on your current balances, and manage more than one account. Any tool that saves you time and gives you more control over your money is a must-have. If you tend to pay your bills late, online banking will also help you because you can set up recurring payments. Try paying your bills every week; it should only take you 10 minutes. You will never pay bills late anymore and you’ll have much more peace of mind. If your bank charges for online banking, you may want to change banks.

Scared of identity theft? This is the future and it is where we are going. In fact, by banking online, you are more aware of your balances and any unusual activity in your account. Stay with a large FDIC-insured bank to protect yourself as much as you can.

On a personal note, introduce yourself to your bank manager; you never know when you might need that extra help. Even in today’s high-tech society, we all appreciate that personal touch. However, your bank might not serve every need in your financial life. Think twice before buying investments from your bank. It may not be the best place to do so as their fees are traditionally higher than no-load mutual funds.

Use your bank to make your finances as stress-free as possible. It will help you become more financially healthy!

Galia Gichon is a member of the New York City Incubator and runs Down-to-Earth Finance.