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6A Daily News – Saturday, January 4, 2014 Resolution: Know the fees associated with your bank If your New Year's resolutions include getting a better grasp on your personal finances, one of the best places to start is with your bank account. How much do you really know about it, apart from an approximate idea of your balance? Do you know how many days it takes for the bank to process the check you just deposited? That's important information if you've ever been fined for an overdraft. Do you know how much money, minimum, you're required to keep in your checking account? If you have a bankissued credit card, do you know whether the fine print for your agreement included a universal default clause? That clause, which benefits the lender but not the customer, allows the bank to examine all your credit accounts, and raise the interest rate on its card if you've ever been late paying another credit-card bill. "Consumers should do their homework," says Jenifer Waller, senior vice president of the Colorado Bankers Association. So here's your homework assignment. Start by finding out the answers to four essential questions about your bank account. Can I have a copy of the fee schedule? Federal Reserve regulations require banks to give you a copy of their fee schedule, and fee schedules will vary between institutions. A fee schedule lists every possible charge — overdraft fees, stop-payment fees, returned-item fees, wire-transfer fees, money-order fees, cashier's check fees, temporarycheck fees, inactiveaccount fees, returned-mail fee, online e-payment fees, line-of-credit late fees and more. MediaNews Group photo John Rivera is vice president of branch sales and service for Bellco Credit Union. He was photographed at his Greenwood Village office on Thursday, Dec. 26, 2013. Rivera provided some insights into banks and credit unions. Some banks charge a membership fee. Some offer free checking, but have other fees. Ask the teller or bank representative to go over the fee schedule with you — this is a good idea even when you've maintained a bank account for a while — so you can see which fees you're likeliest to face. Sometimes you can negotiate to waive certain fees. Ask which fees may change according to the economic market. "Customers should always ask to see a bank's fee schedule and have in mind what services are important to them," said Jenifer Waller, senior vice president of the Colorado Bankers Association. "All banks, like any other business, base their fees on the market." What are the minimum requirements to keep this account? Again, this varies from bank to bank, or credit union to credit union. Some require a minimum balance of as little as $12, but more often it's $100 or $500. Money market accounts often require a minimum balance of $1,000 or more. "The most important thing to think about when you open a checking account is whether there is a monthly fee, and if there is, could it be waived by maintaining a minimum balance," says Tom Feltner, director of financial services at Consumer Federation of America, a member of Americans for Financial Reform. "We looked last year at whether consumers can avoid monthly fees or maintenance fees, and one thing we found is that there's a wide range of fees. Consumers need to look at the terms, and ask how to avoid those fees." What are the costs for services I use frequently? …and what other services are offered for free? What does this financial FREE online subscription to TV Select Magazine institution charge if you use another bank's ATM? (Remember that even if your bank doesn't levy a fee for this, the other bank may charge you for that service.) Does the institution offer overdraft protection? How much is the fee per use? Does the institution offer a monthly bill paying service? If it does, and you don't use that service, is there a charge? Is online banking free, or is there a charge? What makes this financial institution different from its competitors? Is it locally owned and based, or is it owned by an out-of-state (or out-ofcountry) corporation? "That matters because if you want a mortgage, a local institution is going to understand the market, compared to someone in Chicago, who might question the values in the neighborhood you want," says John Rivera, vice president of branch sales and service at Bellco Credit Union . "And find out who to talk to if you have a challenge or a problem with your account. Is it a local banker, or will you be sent to a call center overseas?" Find out — and this may take some research — about this financial institution's recent history. A little online research could reveal a lot, including whether or not the institution was among those that benefited from the 2008 bailout. "A lot of people are put off by financial institutions that received federal money after the financial debacle," Rivera said. "Ask directly: 'Did you receive any federal bailout money? If you did, have you paid back that money? And what are you doing to make sure that it won't happen again?' It takes a little work, but you can find the answers by looking online, and finding out if the bank is under receivership, or if it's gotten a caseand-desist from the Federal Reserve, or if it's been bought by an overseas bank." Amazing Finds Digital edition emailed to you, every Saturday! NEW & USED FURNITURE & MUCH, MUCH MORE! 50% Red Tag Sale Antiques, Unique Fall Sale • Fully searchable online, zoom in, print out pages and more! Two Locations - 30,000 square feet RED BLUFF 530-917-1138 • No newspaper online subscription or website access required. REDDING 530-917-7797 22660 Antelope Blvd. amazingfindsredbluff.com 9am – 7pm Sun.-Fri. 3351 S. Market St. amazingfindshome.com 9am – 7pm Sun.-Fri. FREE ENROLLMENT HELP • Best of all ... it's ABSOLUTELY FREE! Covered California Affordable Care Local Calendar Submit calendar items clerk@redbluffdailynews.com. to P .O. Box 220, Red Bluff, 96080 or SATURDAY, JANUARY 4 Red Bluff Frontier Village Farmers Market, 8 a.m. to 1 p.m., 645 Antelope Blvd. EBT accepted Weight Watchers meeting, 8 a.m., 485 Antelope Blvd. #N, 1-800651-6000 Los Molinos Senior Dance, 7 p.m., Senior Center, Josephine Street, 384-2100 SUNDAY, JANUARY 5 Red Bluff AA Live and Let Live, noon and 8 p.m., 785 Musick St., meets seven days a week Knights of Columbus All-You-Can-Eat Breakfast, 8 a.m. to noon, $5 adult, $3 child or $12 family, Sacred Heart Parish Hall, 2285 Monroe St., 528-1991 MONDAY, JANUARY 6 Red Bluff Al-Anon New Comers At Heart, 7-8 p.m., North Valley Baptist Church, 345 David Ave., 690-2034 Bend Jelly 4-H, 6 p.m.,Bend School, 527-3101 Community Band rehearsal, 7-9 p.m., Presbyterian Church on Jefferson Street, 527-3486 Diabetic Support Group, 6:30 p.m., St. Elizabeth Community Hospital, Coyne Center, Columba Room English as a Second Language class, 5:30-8:30 p.m., Red Bluff High School Adult Ed building, 1295 Red Bud, 736-3308, same time Tuesday and Wednesday and 9 a.m. to 12:20 p.m. Thursdays, free childcare from 9 a..m. to 12:20 p.m. classes in Richlieu Hall, 900 Johnson St. Head Injury Recreational Entity, 10 a.m., St. Elizabeth Community Hospital, Coyne Center, Rusty, 529-2059 Key to Life, 6 p.m., Family Resource Center, 220 Sycamore St. Ste. 101, 528-8066 Masterworks Chorale rehearsal, 6:45-8 p.m., Red Bluff Presbyterian Church, 838 Jefferson St., 527-4203 Nutrition Classes, 1-2:30 p.m, Northern Valley Catholic Social Service, 220 Sycamore #101, 528-7947 PAL Martial Arts, ages 5-18, 3-5 p.m., 1005 Vista Way, Ste. C, free, 529-7950 Salvation Army Writing Class, 9:30-11:30 a.m., 940 Walnut St., 527-8530 Sons in Retirement, 11:30 a.m., Veterans Memorial Building, 5295700 Sun Country Quilters Community Service Group, 9 a.m. to 3 p.m., Family Resource Center, 220 Sycamore St. Ste. 101, 528-1126 TeenScreen Mental Health Appointments, 10 a.m. to 2 p.m., free, by appointment only, Youth Empowerment Services, 1900 Walnut St., 527-8491, Ext. 3012 TOPS Club (take off pounds Sensibly), 8:30 a.m., First Christian Church, 926 Madison Ave., 527-7541 or 347-6120, visit www.tops.org US citizenship preparation class, 5:30-8:30 p.m., Red Bluff High School Adult Ed building, 1295 Red Bud, 736-3308, same time Tuesday and Wednesday Venture Crew 1914 meeting, 6:30-8 p.m., Moose Lodge on 99W, co-ed ages 14-20 welcome Women's Domestic Violence Information and Support Group, Spanish speaking only, call for time and location, 528-0226 Corning Alcoholics Anonymous, noon Monday through Friday, 5 p.m. Thursday, 7 p.m. Monday, Tuesday and Saturday and 1 p.m. Sunday, 783 Solano St., behind the church Bingo, 5:15 p.m. early bird, 6:30 p.m. regular games, Maywood Grange, Highway 99W just past Liberal Avenue, 833-5343 Exchange Club board meeting, 7 p.m., Holiday Inn Express Narcotics Anonymous, 7 p.m., 820 Marin St., 824-1114 or 8242090, meetings are every day through Saturday with an additional meeting at noon Mondays Sewing class, 9 a.m., Family Resource Center, West and South streets, 824-7670 Spanish Adult Education, 5 p.m., Family Resource Center, West and South streets, 824-7670 Strategies for Success, Life Skill classes, 1:30 p.m., Family Resource Center, West and South streets, 824-7670 Weight Watchers, weigh in 5:30 p.m., meeting 6 p.m., Senior Center, corner of South and Fourth streets, Kayla Deihl leader TUESDAY, JANUARY 7 Red Bluff American Legion Mt. Lassen Post 167, 7 p.m., Veterans Memorial Hall, 735 Oak St. Childbirth Class, 6:30-8:30 p.m., St. Elizabeth Community Hospital, Columba Room, 529-8026 City Council, 7 p.m. City Hall, 555 Washington St. Cribbage Club, 6 p.m., Cozy Diner, 259 S. Main St., 527-6402 Fiber Arts Group, 5-8 p.m., library, 645 Madison St., 528-8667, free Fun Senior Aerobics, 8-9 a.m., $1, Community Center, 1500 S. Jackson St. 527-8177 PAL Kickboxing, 6 p.m., 1450 Schwab St., 529-8716 or 200-3950 Penny Bingo, 10 a.m., Community Center, 1500 S. Jackson St. Pinochle for Seniors, 12:30 p.m. to 3:30 p.m., 1500 S. Jackson St., free, 527-8177 Rubes By Leigh Ruben 530-840-6611 Just go online to www.ifoldsflip.com/t/5281 805 Walnut Street Red Bluff Corner of Walnut & Jackson Lic# 0573654 (You'll only need to go there one time) Select "Subscribe" tab in lower right corner Complete information for automatic weekly delivery to your email inbox That's it! This FREE service made possible by the advertisers in TV Select Magazine Kindly patronize and thank them. Click on their ads online to access their websites! KWIK KUTS Family Hair Salon 20 % off ANY RETAIL PRODUCT with any chemical service of $50 or more DAILY NEWS RED BLUFF TEHAMA COUNTY 200 Regular $ Haircut off Reg. $13.95 Not good with other offers Expires 1/31/14 With coupon 1064 South Main St., Red Bluff • 529-3540