I just skimmed a few of your articles on Banking and how to Save on Your Bank Fees.

I have always maintained the minimum balance for an account at a major bank. It is (to my fault) one I don’t often use, but maintain for “emergency money” and the “privilege” of the services in the branch should I require them.

Whenever I approached the bank, I would skim the brochure and see “minimum balance of X = no fee”. Yay!

I visited the bank every few months and would take out $20, put back the $20 to keep the account active as recommended by the teller last time I updated my bankbook. As this was under the number of transactions to charge me a fee, no problem.

Glance at the statement. Looks about right. Yay! (Or so I thought).

I had savings bonds to cash recently so went to the branch to do it. Update my bankbook while I was there.

Um – $2.00 fee per month added for the use of a bankbook that I had (embarrassingly) not updated for over a year and a half. Small enough I didn’t catch it.

When I inquired I was given a brochure. It still says “Overview: Your $3.90 monthly fee is waved if you maintain a minimum balance of $1000.” It is not until further down they say “Bankbook record-keeping $2.00/month.” I was being charged $2.00/month when I didn’t even update my bankbook! CRAZY!

As I read the monthly fee waved portion, and the fee is listed with other “monthly statements, cheque imaging,” etc, I did not catch this. I was informed by the teller however that if I switch to mailed statements per month it is free. (I have yet to find the fee in this as I am sure there will be one! It seems too odd that to maintain a bankbook that is updated periodically is a fee based item yet printing, using Canada Post is free? The teller says there is no comment of this in the brochure so I have yet to follow up on this.)

My question thus is, is there any reason to maintain a bank account with a branch? I have 2 other accounts that I access via internet (PC and ING). What needs do we have for branches with tellers if to keep one employed we are charged such crazy fees?

My suggestion is to make sure you watch the banks.

My mother taught me as a child “if you give the banks your money, they’ll PAY you (interest) to be allowed the PRIVILEGE of using your money to invest. That’s how THEY make THEIR money. As I tried to teach this to my children (9 and 7 yrs old) I realized I couldn’t say the same thing. I guess those days are sadly gone! All fees, no interest, I’m seriously considering teaching them to keep an envelope under the mattress!

This week:

62.  Which activities make you lose track of time?

Take your time and really think about this. If you think you know and want to respond right away, do so. But then come back in a couple of days, re-read your response (or review your response in your notebook) and see if you want to add, subtract, change anything. This is a journey and it is one that will help you uncover what is really important to you if you take time to think.

I have been married for over 19 wonderful years to the woman of my dreams. Together we have 2 beautiful daughters, Bailey and Mackenzie. In 1994, I was lucky enough to land a very good paying job at the age of 24. With a young family, trying to buy a house and with an opportunity to work over time at time and a half, and double time I jumped at that chance. Here is where the story goes into the tank. As I now know, time waits for no one. The days turned to months and then into years.

I am now 42, have been able to move up in terms of making more money that I could ever had thought. I have a great career, and as I said a wonderful and loving relationship with my wife and our two girls. Sandra has made me (some what reluctantly at 1st) watch and understand your show To Debt Do Us Part. Gail, you are an absolute game changer! We just recently bought your book, we always watch Prince$$ and now I am emailing you. In the last 2 years, together we have shaved our spending, I no longer gamble (the ponies, Lotto 649, casinos, football-hockey pools) I no longer drink (was at least a case a beer a week), Sandra has quit smoking a pack of cigarettes a day, We only eat out 1 per week. We shop with a list, have paid down a huge loan, have had the table discussions about finances and on and on.

It is so important to me that you hear the difference you make. Thank you, thank you, it is never too late to change. From my family to yours I truly hope that you accept this thank you as “the velcro has finally stuck with me”. All the best and hope you continue to inspire people on a daily basis as you do for my family.

< ![endif]–>

I started watching “‘Till Debt Do Us Part” when I was still in university, prior to getting married. Once I started watching that show, I knew that I didn’t want to have a relationship where money and debt were bones of contention. I worked hard throughout my schooling, and managed to pay off all of my student loans, as well as save as much money as possible, prior to graduating from university. Because of my hard work, I didn’t pay a cent of interest on my student loan, and never paid anything less than my full balance on my credit card. I went on to graduate school and did the same thing… and it wasn’t easy! While all of my friends were going out to clubs and bars on the weekends, buying new clothes, new cars, walking around with (several) designer purses, I was either at home studying, or at work! However, because of what I learned from watching your show, and the great example that my parents always set for me, I knew that by forgoing the purchase of “stuff” I would be setting myself up really well in the future. Flash forward to years later…I am now 28 and married to a guy that hates the idea of debt as much as I do, and not only are we consumer debt free, we have just recently paid off our home! We owe absolutely nothing to anyone – and it feels great! We also managed to do this while still having fun – we managed to go on a few vacations, and still treat ourselves to something we really wanted every once in a while. Not only is our financial situation really healthy, but I have to say that we’ve had absolutely NO relationship issues because of our finances – we’re on the same page, and worry free! We’re now able to start planning to have children, without the stress of credit card debts or mortgages weighing us down. Thank you so much!

This week:

61.  If you had a friend who spoke to you in the same way you sometimes speak to yourself, how long would you allow this person to be your friend?

Take your time and really think about this. If you think you know and want to respond right away, do so. But then come back in a couple of days, re-read your response (or review your response in your notebook) and see if you want to add, subtract, change anything. This is a journey and it is one that will help you uncover what is really important to you if you take time to think.

If You’re in need of wisdom,
Please don’t be a Lochness
Cause grinning with the shopping bags
Ain’t a sign of success

Covet not thy neighbor
Hunger not for vanity
It leaves you in depression
And only breeds insanity

Could have lived in comfort
Had you learnt simplicity
But your neighbors lifestyle
Filled you up with envy

So like fools you’re marching
Like slaves behind the shopping cart
Grinning like a Cheshire cat
In the end you’re gonna ….

Cho.
Lochness Monster
Is right in yu back yard
Drowning in the Debt Lake
Choking on a credit card

There’s no satisfaction
Closet overflowing
Creditors are on your heels
Cause in debt you’re drowning

What is the solution
Think it’s in another sale?
You’re heading down a precipice
I think you’d better call Gail !!!!

Don’t you wait another day
If you are in trouble
She will give you tuff Luv
She mighta bust yu bubble

Are you really in control
Or do you need assistance
You can either face the truth
Or put up some resistance

Cho.
Thanks for all you do, I’m learning. Just wrote this. Best wishes.
Franklyn.

Your advice has relieved me of anxiety about my financial future – I am now debt free, have a 3-months emergency fund, money in my RRSP and pension plan, and some savings. To celebrate, I’m heading to Paris for my 30th! (don’t worry, I’m saving money for this trip before going)!

This week:

60.  Is it possible to lie without saying a word?

Take your time and really think about this. If you think you know and want to respond right away, do so. But then come back in a couple of days, re-read your response (or review your response in your notebook) and see if you want to add, subtract, change anything. This is a journey and it is one that will help you uncover what is really important to you if you take time to think.

In early 2009 we were advised of an inheritance – not millions but $45K. Thanks to you we didn’t go out and blow through that money – our credit card debt was $47K and we used the entire $45K pay it, along with $2K in cash we saved. Have paid the (now rarely used) credit cards off monthly ever since and are living off cash despite income ups and downs.

We’ve very easily migrated to the best utility/cable/cell phone deals (review and change annually – 4 years now!), shop weekly store flyers carefully and are not being stupid with the “I want…” stuff which is very tempting (and we’ve done) when you think you’re ‘rich’.

We now have an incredible granddaughter.  Her Mom and I go to a kid’s ‘used’ clothing/baby store – they have a $1 day – Mom and Grandma only take $20 (+tax) and go for it! Went on Saturday – we each spent less than $10 cash!

Not young and still have a long way to go for retirement but at least, and thanks to you, there is some cash in bank!

This week:

59.  What does your joy look like today?

Take your time and really think about this. If you think you know and want to respond right away, do so. But then come back in a couple of days, re-read your response (or review your response in your notebook) and see if you want to add, subtract, change anything. This is a journey and it is one that will help you uncover what is really important to you if you take time to think.

My wife and I were considering a consumer proposal as a way to handle our situation but it after reading that one little rule about debt management.

I have a long way to go but I feel better than I have in months after just one hours reading and yes I am a GUY reading your book and my penis is as you rightly said it would be still intact!

Buying your other books this week now, thanks for the great simple and funny way you present everything!

This week I opened an RRSP, in two months I will be out of debt, and then I will have money in my budget to purchase your new book! It is very exciting to be 30 years old and know I will not have to struggle with finances the way I watched my parents do. I really do hope to meet you someday.  I want to thank you in person for the difference you have made in my life. I’ll keep my eyes peeled for your book tour and try to catch ya on the road, only if the budget allows.

This week:

58.  Have you done anything lately worth remembering?

Take your time and really think about this. If you think you know and want to respond right away, do so. But then come back in a couple of days, re-read your response (or review your response in your notebook) and see if you want to add, subtract, change anything. This is a journey and it is one that will help you uncover what is really important to you if you take time to think.