Having money saves money

By Joyce Bruck
This item appears on page 51 of the December 2014 issue.
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Some banks do not charge wire fees if you have a good relationship with them — for example, if you have a bank account that’s connected to a stock brokerage account, as account holders with Bank of America could have with Merrill Lynch.

Someone with a significant stock brokerage account (perhaps $250,000) in an IRA or a large bank account with CDs may be given premier banking status. In that case, there would probably not be a charge for wire transfers. Another perk to having premier banking could be access to airport lounges.

I’m sure that several financial institutions offer special privileges, but it may take research and consolidation of assets to achieve. Speak with a banking representative or financial advisor.

Even if you do confirm that you won’t be charged for money wires, the person on the receiving end of your wire may still be charged. Their charge will vary, depending on their own financial institution’s fees.

 

Please login or subscribe to ITN to read the entire post.

Some banks do not charge wire fees if you have a good relationship with them — for example, if you have a bank account that’s connected to a stock brokerage account, as account holders with Bank of America could have with Merrill Lynch.

Someone with a significant stock brokerage account (perhaps $250,000) in an IRA or a large bank account with CDs may be given premier banking status. In that case, there would probably not be a charge for wire transfers. Another perk to having premier banking could be access to airport lounges.

I’m sure that several financial institutions offer special privileges, but it may take research and consolidation of assets to achieve. Speak with a banking representative or financial advisor.

Even if you do confirm that you won’t be charged for money wires, the person on the receiving end of your wire may still be charged. Their charge will vary, depending on their own financial institution’s fees.