If not, you’re probably missing out on easy savings and unnecessarily paying hundreds of dollars in fees.
Wise Bread has a test you can take to see how much you know about your bank accounts—and if you don’t fare well with the answers, chances are you’re losing money for no good reason. Can you answer YES to these sample statements?
I know how much money (within $10) is in my bank accounts at any time.
I know the rate of interest my bank accounts earn.
I have less than $3,000 in my chequing or (low-interest) savings account.
I know how much my monthly bank account service charges are, and what I get for it.
Paying my bills is easy (logistically), and fee-free.
I never go into overdraft.
If you can answer yes to all of these statements, then congratulations, you should be in decent shape. But you if answer no or aren’t sure about any of these issues, then get yourself educated pronto. Unless, that is, you like handing over hundreds of dollars each year to the bank simply because you can’t be bothered.