If you can’t quite put your finger on bank charges when checking your statement every month, it is possible that you either don’t have the best banking account that suits your transacting needs or may have adopted behaviour that is costing you a bit more.
Ryan Prozesky, CEO of FNB Value Banking Solutions, says in principle, choosing an ideal banking account for your needs, keeping abreast of fees and knowing what value you are getting from your bank should help you avoid unnecessary bank charges.
He shares ten tips on how to save on banking charges:
- Choosing 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. For example, on a pay as you use structured account you may be charged extra everytime you make a transaction, while on a bundle offering you are able to perform multiple or unlimited transactions without incurring additional charges. A pay as you use structure would be best suited for a customer with a low number of monthly transactions, while bundle offerings are best suited for those with a higher number of monthly transactions. Make sure that you chose a bundle with the most appropriate number of transactions included in the bundle, based on your monthly transactional needs.
- Avoid using another bank’s ATM – avoid withdrawing money at an ATM belonging to another bank as the costs are higher than using your bank’s one.
- Bank on digital channels – whenever possible