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One Paycheck at a Time
An Excerpt from One Paycheck at a Time
By Kimberly Griffiths
For example, even though Automatic Teller Machines (ATMs) cost the bank around $100,000 each plus the cost of the computer network and maintenance, the cost of these types of transactions drops to between $.50 to $1 each. Not only are these machines more cost effective, the 24-hour availability to customers is very convenient.
With the ease and convenience of automatic clearing house (ACH) payments, this "checkless" process drops the price to around $0.25 each. And finally, the Internet drops the expense even further to less than $0.10 a transaction. I realize that there is still some fear of banking electronically, but the security that banks have instilled with computer technology far surpasses the current security of traditional banking methods. If you lose your checkbook and wallet, the cost and worry of canceling these checks is very tedious. It's very possible that a thief could forge your name and deplete your accounts in a matter of hours. The sophisticated computer technology, however, although not perfect, has a far more secure system to protect you and your money.
Avoid being the bank's best customer. Attempt to cut your annual bank fees in half by educating yourself. Inquire about the options and products available to you with your banker. By asking about the alternative banking methods, you may find that your bank fees will drop considerably.
About the Author: Kimberly A. Griffiths is the author of One Paycheck at a Time (Booklocker.com, 2003), www.onepaycheckatatime.com, ISBN: 1591133327, a 200-page workbook containing budget management exercises for an entire year of paychecks. Griffiths has been through the vicious cycle of debt herself and provides a system to managing your money paycheck to paycheck. You customize the journal based on your pay schedule and learn the necessary tools for making ends meet.