4 Signs Your Banking Habits Are Leaving Money on the Table
Written by
Laura Bogart
Edited by
Kristen Mae
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Sure, building wealth is about building good habits — proactive behaviors that boost your earning power. It’s also about making sure you’re accounting for every penny and avoiding leaving money on the table. It’s an old saying, but if you picture it quite literally — closing the door behind you with heaps of cash left on the table — the reality of not being on top of your finances hits hard.
Fortunately, it’s easy to pinpoint where this disconnect often begins: your bank. If your banking habits have gotten a little lax, there are some telltale signs that your money is sitting on that proverbial table instead of working for you.
To help you identify these habits, GOBankingRates connected with two experts: Sumeet Grover, executive vice president and chief digital and marketing officer at Alliant Credit Union, and John Jordan, head of Retail Banking for Regions Bank.
1. You’re Hoarding Money in Your Checking Account
At first glance, a flush checking account may seem like a sign of wealth, especially if you struggled in your younger years. However, keeping all your money in a checking account means you’re missing out on opportunities to grow your funds through interest.
“For starters, if you have more than a couple of months’ worth of living expenses in your checking account, you might be missing out on higher interest rates available in savings accounts or other investments,” said Grover. “Regular savings accounts often offer very low interest rates. Switching to a high-yield savings account can significantly increase your earnings on your savings.”
2. You’re Paying Unnecessary Fees
Monthly fees might seem like minor inconveniences, but they can add up quickly. Grover advised that you monitor the fees you incur, such as maintenance fees, ATM surcharges, and overdraft charges. You should also look for accounts that offer fee waivers or reimbursements. Paying attention to fine print and choosing a fee-free bank account — or one that waives fees if you meet certain requirements, like direct deposit — can save you hundreds of dollars annually.
3. You’re Not Using a Card with Rewards
Beyond reducing fees, you should also be on the lookout for ways to earn rewards from your everyday spending.
“If you’re not using a credit card offering cash back or other rewards, you could miss out on valuable benefits,” said Grover. “By addressing these habits, you can make your money work harder for you and avoid leaving money on the table.”
Check your current credit card benefits and see if it would make sense to switch to one that aligns better with your spending habits to get the most rewards while avoiding high annual fees.
4. You’re Not Creating a Financial Plan
Monitoring these habits should be part of a broader financial plan that prioritizes long-term success. According to Jordan, one of the biggest mistakes you can make is procrastinating on developing that plan and putting your money as a top priority.
He’s observed that this delay can sometimes have a gendered aspect, with women disproportionately putting everyone else’s needs — whether work, household management, or caregiving responsibilities — ahead of their own financial well-being.
Still, Jordan reminds us that “time is money.” He warns that every day a woman doesn’t attend to her own finances, she could be losing out on the chance to take advantage of a rising market.
“Do not delay conversations to roll over workplace 401(k)s, optimize bank deposit pricing, or consolidate debt,” he said.
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