Oph Topik: "We're Going To Steal Your Money!"

For some odd reason, a lot has been made about Bank of America charging a $5 debit card fee. For the benefit of my readers, who I hope don't receive the charge, I'd like to point out a few things. Recall that I worked for Wells Fargo Bank NA for over 5 years, so I have a few tricks of my own in terms of banking.

1. If the fees are too high, change banks. Find a bank that offers the service you want. Of course, I'm going to be biased and suggest Wells Fargo Bank NA because they are awesome, but if you notice (select a state, then compare options) they have plenty of ways that you can get a free account (guys, you need to save a few dollars anyway - so go with a checking and savings combo). But hey, if you don't like Wells Fargo Bank NA, even Fidelity has a free checking account, as do most credit unions.

2. Most people overdraw their accounts because of their debit card. If you can, do away with it and use your credit card only. Pay off the balance each month and earn rewards while you do. You don't pay interest, you don't need to worry about having a debit card, and you might be able to earn a few extra bucks. Just. Pay. It. Off. Or else pay interest.

3. Now, maybe you'll say what I hear from so many people, "But I'm just too tempted to overuse my credit card" (it's called responsibility). Okay, so maybe that is you. Here's an idea: set up a debit card only account for your spending, and have overdraft coverage for the debit card turned off. If you go over your spending, it will decline your card. You'll be embarrassed, but you won't overspend again.

We used to sell this at Wells Fargo Bank NA all the time, so I know they do this. I'm sure other banks too; find a good bank and set that up. If you really have no self-control, this option will save you huge amounts of money.

4. Final note when it comes to money: don't do what the media do and complain about fees. If you don't like something, then take action and change it. Complaining doesn't solve problems; I've complained. I've taken action. Taking action is better.