Friday, September 3, 2010

Bank Fees and Your Budget

If your organization or business has a business checking account, you may want to keep an eye on it. Suntrust has announced it is eliminating free business checking accounts. More than likely, the next step, according to the bank, will be to eliminate free individual checking accounts.

So you'll need to factor increased bank fees in your budget.

I don't know about non-profits, so call your bank and ask what their policy is now and will be.

Why is all of this happening in the US? Congress passed a new law clamping down on banks charging high fees for bounced checks. So the banks are retaliating by hitting small businesses and individuals in their pocket book. That's what the bank told me.

MARKETING TIP: As you plan your budget, keep in mind additional bank fees. Find out what they are. Go see your banker.

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