Are you throwing your money away?
8SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Ryan BaileyDespite advances in the financial services industry, managing money today isn’t easy. New services and technologies like payment-to-payment systems are being developed on a regular basis, but they aren’t replacing old ones like cash checking services. With an excess of money management tools to choose from, it can be difficult for consumers to know which will make their lives easiest while being the most cost effective.In fact, many people today are managing their money in ways that are unnecessarily costing them. Recent research from TD Bank found that nearly one-quarter of Americans with a bank account have used alternative banking products such as check cashing services (12 percent), money transfer agents (11 percent) and payday loans (4 percent). When they were asked why they used these products, 16 percent said they did not have a particular reason.Making decisions like this could add needless cost to your monthly budget. Here are some ways consumers can ensure they’re banking properly and not throwing their money away:Have conversations with your banker It’s your banker’s job to stay on top of all of the latest money management tools. So if you’re ever unsure whether or not you’re properly managing your money, call or stop by your local store to sort it out. This is especially important if you are paying for services such as payday loans. Your bank could offer a similar service at a less expensive rate – and merging the two services under one roof could be more convenient for you. Consider scheduling regular check-ins with your banker throughout the year. That way, you won’t miss out on any new tools or services – or, any relationship benefits you might qualify for if you use more than one product or service at your bank. continue reading »