MINIMIZE YOUR BANK CHARGES!!

Banks used to make their money by taking customer deposits and lending it out at a higher interest rate. Along the way, they discovered they could siphon off a little bit in the form of “fees” cleverly disguised as “convenience” charges.

Bankrate and banks charges like ATM surcharges, monthly service charge on a current account/checking account and last but not the least overdraft or nonsufficient funds (NSF) are absolutely astounding. All these charges adds up to billions of earnings for banks.
This article is part of cediWISE’s focused on you money – how to get  the most out of  your banking relationships.

Now let’s talk about how to minimize these fees.

INVESTIGATE

When you’re deciding which bank to use, ask them for their fee structure so you can compare them. While you never want to be dinged for a fee, if all other factors are equal, go with the bank with the lower fees. Many banks will now refund you ATM surcharges, even if it’s another bank’s ATM, and many offer accounts with no account service fee if you meet their requirements.

Research ATM Locations

When am looking out for a bank, I look out for the bank that has got a lot of ATM branches. This is because, accessing my money shouldn’t be a problem and also I wouldn’t like to be charged much higher when using other ATM with my VISA ATM card. Most ATM’s charge high rate when you use different ATM cards which was issued by a different bank.

Fewer Charges

You may be surprised there are a lot of banks which charges far less than what you expect. I wouldn’t like to mention some banks that are really exploiting and draining the water out of us now. They talk to you as if they work in your interest but I bet you they are CHEATS!!!

By: Sumaila Mubarak