Avoid unnecessary Bank Charge
Here’s a situation I’m sure we are all familiar with. You check your bank to see how much money you’ve spent and all of a sudden there’s $30 missing. It’s not enough to assume someone has stolen your credit card identity but you know it wasn’t you. So you check your statement and there it is, the notorious bank fee. Lots of the time you don’t even know what it’s for but you sure as hell know it feels like daylight robbery. Here’s some tips to avoid the fees;
- Make sure you read the fine print when you sign up and every time the policy is updated. Get familiar with the terms and conditions of your account, know what fees are charged for what services and situations and the cost of them. This way you’ll be aware if any fees are ever charged by mistake, and you can avoid using services or getting into situations that will cost you.
- Make sure your payments are always on time. Some facilities like an overdraft facility will charge you later on down the track if you don’t replace the funds within a certain period of time. Your bank should call you if this is the case, and you can let them know when you will be making the payment.
- Avoid overdraft fees by keeping funds in all your accounts at all times. If you’ve gone a bit wild on the PayWave or didn’t quite have enough in there for your direct debit and the account goes over your credit limit, you can be charged big fees. Make sure you keep at least $50 in each account at all times so it will never go into overdraft.
- Setup internet banking and check your statements online to avoid paper statement fees. Lots of the time you might not even realise you’re being charged this until you do setup your online account. You can save some trees and some money at the same time, and if you ever need paper statements it’s a lot cheaper to print it yourself than what the bank will charge to post them to you.
- If you keep being charged fees you don’t agree with, it may be time to find a new bank without the unnecessary charges. There are plenty of options out there, don’t just look at the big banks, but consider credit unions and online banks for more flexible terms and conditions.
- Know where your ATM is to avoid being charged for using another bank’s ATM. Try not to use any other ATM but your own unless there is no way around it.
- Be careful not to lose your Eftpos card. This is general common sense but getting replacement card usually ensues a fee, so avoid it by looking after your card.
- Call your bank to discuss. Usually the fees themselves are nowhere near as significant as your business is, and if you speak with the right person they may even waive the fees to ensure customer happiness. You never know until you ask, and if they say no you’re in the exact situation you were to begin with.