How To Avoid Banking Charges?

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If you've ever felt like your bank charged you for something? People need to watch their bank accounts closely for unnecessary charges. You can practice these tips to save yourself from extra banking charges.

Follow these essential tips to avoid bank charges and keep the money that belongs to you.

Banking fees

When you are opening a new savings account at a bank, make sure to pay attention to banking fees. Paying attention to these fees like minimum balance fees, the fee for taking out money too early out of a term savings account, atm card usage, etc. and avoiding them, can save you big money over time.

ATM fee

Using ATMs that aren't affiliated with your bank can lead to charges from the ATM provider and your bank. Many banks after demonetization charging their customers after a specific number of cash withdrawals. That little sum of money can add up to perhaps thousands of rupees per year that you didn't have to spend.

Account closing

Some banks require that you keep your account open for a period or face an early-account-closure fee. Check charges for closing your account.

Overdraft

Make sure that you don't spend more than you have in your account; banks charge overdraft fees when you spend more money than you have in your account. Overdraft protection allows purchases to go through for a fee even if you don't have enough funds in your checking account.

Use bank card as a credit card

Some banks may charge a small fee for using your bank card as a debit card instead of as a credit card after the first two, or five, transactions each month. This will be depending on the bank. Consider using your bank card as a credit card each time you make a transaction. This will help you to save you hundreds per year.

Interest-bearing savings account

If you are searching for a bank or financial institution, as a customer, you should consider finding one that has interest-bearing savings and checking accounts.

 

Ask for charge reversals

If you were charged a large banking fee, such as an overdraft fee, don't hesitate to call your bank and talk to them about it, and see if you can get the fee reversed. If it is not a regular occurrence to you, sometimes banks will be ready to reverse this charges.

 

Go online

Most of the banks offer online banking services today. If you have a computer or smartphone with an internet connection, you can choose online banking and avoid paper statement fees. Alos check new checks online, since they are usually cheaper than ordering new checks through your bank.

 

 

 

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Read more about: banking, online banking
Story first published: Tuesday, June 27, 2017, 11:37 [IST]
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