One of the worst ways to lose money is to have your financial institution purposelessly drain money from your accounts every month. It is quite amazing how many banks charge you to put your money into their financial services. Without your money, banks would not exist, yet we still let banks zap our accounts with transaction and monthly service fees.

These institutions take your savings and use these funds to issue credit as mortgages, lines of credit and loans. Again, they need you more than you need them. So why are so many people passively paying these monthly fees?

Start shopping around for the best financial institution that can offer little to no fee savings and checking accounts. Find programs that do not lock you into contracts and terms. Banks and institutions now need to become more competitive. It is more common to find high interest savings accounts that do not penalize you for with drawing money.

Research credit unions as they can often offer accounts with little to no fees. Just keep in mind that having all of your funds in credit unions could pose challenges for acquiring mortgages down the road, especially if you are an investor (discuss this with your mortgage broker).

Choose banks that can provide online banking services with no extra fees including online bill payments and transfers. When moving to a new bank, barter with them. Make them work for your money. Ask them what they can offer on top of the account profile presented. Go for the absolute basic account plan as often as possible and avoid being influenced to using an account with unnecessary features (and an unnecessary fee)-these extra features are set up for those who often have undisciplined money management skills.

Be smart and avoid the monthly drain from banks. Shop around for banks as you would for any other bargain.