Would you ever consider paying $40 for a latte or $35 for a candy bar? Not likely, but this is precisely what occurs when you are assessed an overdraft fee for exceeding your account limit. The new amendments to Electronic Fund Transfer Act (Regulation E) could change this by placing the future of overdraft fees for certain transaction types in the hands of consumers.

 By now, almost everyone understands the importance of building their savings. But how can you begin if you are already living paycheck to paycheck? “Take a look at how you are spending your money – there are ways you can cut back to find additional dollars that can be saved,” says Nick Goetz, Financial Center Manager with Fifth Third Bank.

Does the word “budget” make you cringe? The fact is, learning how to work with one is important for building a strong financial foundation. “Budgeting provides you with a financial plan and allows you to manage your money, rather than having your money manage you,” says Andy Johnston, Financial Center Manager with Fifth Third Bank.

This year, why not focus your New Year’s resolutions on improving your finances? “New Year’s resolutions shouldn’t be limited to diet and exercise,” says Michelle Meyer, Financial Center Manager with Fifth Third Bank. “Now is a great time to reflect on your finances and make goals for the upcoming year.”

"Many people open their first bank account as a child or teen, usually under a parent's guidance," says Cassie Forrester, an assistant vice president and financial center manager with Fifth Third Bank. "But not everyone has that opportunity. We have many customers who reach adulthood before opening their first account."

"Maintaining control of daily finances can sometimes seem overwhelming, especially if you fall behind," says Kelly Williams, a vice president and financial center manager with Fifth Third Bank. "My best advice is that people use whatever method works best for them. But the key is to stick with it."

Online record keeping gaining in popularity

"Today's banks are full-service financial institutions," says Frank Cradduck, an assistant vice president and financial center manager with Fifth Third Bank. "In addition to traditional savings and checking accounts, we also provide a range of loan and investment products offered through various subsidiaries."

Learning how to manage money is one of many new skills students learn when they leave home for college. "The more parents are involved in educating their children about personal finances during high school, the easier it will be when they're on their own," says a vice president with Fifth Third Bank.

Due to the recent volatility in the economy, many people are opting to save money in traditional bank accounts. However, with several banks failing in recent months, are banks still a safe place for large deposits?

Once the holiday shopping season ends, many people resolve to manage money differently during the upcoming New Year. In fact, studies show that gaining control over finances is one of the most popular New Year's resolutions, along with losing weight and quitting smoking. The trouble is, many people don't quite know where to start.

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