Wealthy People Do Not Use Banks

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1. Savings account rates

While the average savings account pays just 0.06 percent in interest, some of the top savings accounts pay over ten times that. If consumer behavior were a little more rational, deposits would flow toward the top-paying banks and away from the low-paying ones. This would force those low-paying banks to raise their interest rates or risk a severe drop in deposits.

2. CD rollovers

Besides missing out on the best CD rates, people who let their CDs roll over passively are also missing an opportunity to reevaluate the length of their CD terms. The right term depends partly on interest rate conditions and partly on your financial situation. Both of which are likely to have changed since the last time you chose a CD.

3. Mortgage refinancing

This is another situation where banks are more than happy to benefit from a home-court advantage. If they already have your business, they may feel less compelled to offer a better rate when you do additional business with them.

4. Checking account fees

Monthly maintenance fees on bank accounts run to over $150 a year on average. Avoiding them can be a big win. Your best bet is to try online checking since online accounts are more likely to offer free checking than traditional, branch-based accounts.

5. Overdraft protection

Overdraft fees typically exceed $30 per occurrence. Stories abound of people who bought a $3 cup of coffee and ended up paying a $30 fee. What’s worse is that you might make several transactions before realizing that you’ve overdrafted your account. That means you’ll pay multiple $30 charges.

6. Credit card rates