Having a bank account is a necessary part of everyday life. It is safer and tremendously more convenient than cash. However, the fees that are incurred are not so pleasant and there are ways to minimize what you pay.
Banks are in the business of making money but there are some fees that can be avoided. If you know what to look out for you can take the appropriate steps to lessen the blow of paying bank fees.
Tips That Will Save You Money
We all need to use our banking accounts but there are some ways that you can utilise your account in a smarter manner that will save you the headache of paying to many bank fees.
Do not go below your minimum balance – Many banking accounts require that you keep a minimum balance. Going below this balance can result in receiving a fee. There are some accounts that do not require a minimum balance but it is a good idea to keep one established just in case. You do not want to overdraw on your account. The fees are usually more for overdrawing on your account so you will want to avoid it at all costs.
Cut down your ATM withdrawals – You can take a large hit in bank fees on ATM withdrawals. This is especially true if you are making withdrawals from machines that are not associated with your bank. If you must withdraw money, make a point of only going to machines that are affiliated with your bank.
It never hurts to ask – If you have had some fees show up on your account for any reason at all, take the time and effort to speak with your bank about them. If it seems to be obvious that it is not in line with your usual banking activity they may choose to waive them. The worst that can happen is that they say no.
Keep up on bank correspondence – Open all of your bank mail. We all receive junk mail but banks are obligated to inform you of any changes made to your account. Make sure you check all of the mail that comes from your bank so you are fully aware of all of the goings on with your account.
Use your credit card for everyday purchases – If you use your credit card to buy things instead of taking out money from your bank, you will only have to make one payment and you will not have to pay withdrawal fees.
Timothy is a personal finance writer at www.balancetransfercard.com.au. He helps people to compare and choose balance transfer credit cards.