Improve Your Financial Health and Save Money in 2011

Get tips to pay down debt, monitor your health and shop wisely.

ByABC News
January 11, 2011, 8:21 PM

Jan. 12, 2011 — -- It's a new year and you improve your financial health with several steps that you can take right now.

Mellody Hobson, president of Ariel Investments and "Good Morning America" personal finance contributor, appeared on the show this morning to tell you just how to get your financial house in order and save hundreds of dollars this year.

Click HERE to get Mellody's web-extra tips

Banking: Check your existing bank account and see if it's still right for you. Because of the passage of the 2009 credit card act and the Dodd-Frank financial reform bill, bank fee revenues have taken a hit. The credit card act alone will cost banks an estimated $50 billion in revenue, Hobson said.

Banks have been trying to make up for those lost revenues by increasing other fees. Some are eliminating free checking, or imposing several requirements -- including a higher minimum balance, or direct deposit -- in order to keep the account fee-free, she said.

Chase Bank won't charge you a monthly fee on their basic checking account if you make five debit transactions or have one direct deposit of at least $500 a month, Hobson said. If you don't meet those requirements, you'll be assessed a $6-a-month fee, she said.

Bank of America has an e-checking account and customers can avoid the monthly fee if they conduct all their transactions online, Hobson added. Their MyAccess checking account has a monthly fee of $8.95 unless you make direct deposits or maintain a balance of $1,500.

Here's what you should do. First, go to your bank and ask them to tell you all the fees that are associated with your account. Second, determine what services you need and whether they're worth the fee. Go to bankrate.com to compare fees and switch balances if your current bank is no longer right for you, she said.