Financial and banking research done in South Africa shows that majority of clients in the banking industry are constantly struggling with bank charges and feel they are charged too much by banking institutions. Here are some steps which will help you reduce the amount of bank charges you are paying.
Using digital or electronic channels will assist you to escape bank charges as opposed to walking through a branch. Most transactions done through digital channels are often free of charge or attract lower costs.
Swiping your card
Try as much as possible to purchase goods by swiping your card instead of using cash. Not only is it safer but most banks now offer unlimited card swipes at no additional charge regardless of the amount.
Choose the right account
Never choose a bank account merely on its monthly administration costs, rather base the decision on your transacting needs to avoid incurring additional charges.
Taking out cash from an ATM which is not owned by your bank is costly. The average surcharge that banks charge non-customers will take a toll on your finances in the long run. If you’re traveling, or are not sure where your bank’s closest ATM is, check the bank’s website or use a phone app to locate one nearby.
Having too many accounts can get expensive. If you have several accounts and carry a low balance in each of them, you are bound to pay a monthly fee for every account. To avoid extra fees, consider consolidating similar accounts you may have.
Having enough money in your account to cover scheduled debit and stop orders will protect you from high penalty fees. So to escape bounced debit and stop order fees, just have enough money in the account.
The tips and steps provided above should see you incur less on bank charges.