The ultra-wealthy know how to keep their money by avoiding common banking mistakes. They view banks as strategic partners, not just places to deposit money. By leveraging relationships, they gain benefits like private banking services, zero fees, and better interest rates.

Rich individuals avoid unnecessary transaction fees like overdraft, foreign transaction, and wire transfer fees. They have international accounts with no fees or use banks that offer free bundled services. Multiple checking accounts in various currencies save them from conversion and foreign ATM fees.

The ultra-wealthy set up specialized financial accounts to avoid errors and surprise fees. They maintain active checking accounts with overdraft protection, high-yield savings accounts for slow growth, and cash management accounts linked to investments. This system ensures smooth transactions and eliminates financial surprises.

To further protect their wealth, the ultra-affluent rely on bank managers to handle their accounts. These managers keep clients updated on policy changes, eliminate charges, and assist in making large transfers without triggering red flags. This personalized service helps maintain their financial lifestyle structure.

Read more at Yahoo Finance: 4 Common Banking Mistakes the Ultra-Wealthy Know To Avoid