Original Article – FNB
How you manage your bank accounts can prevent unnecessary bank fees and these funds could be used for other expenses or savings.
If someone asked you, “How much do you pay monthly on bank fees?” Would you be able to answer accurately? Or would you be surprised by the actual amount? Have you ever reviewed your bank’s fees? If you are serious about managing your finances, this is one area you cannot ignore.
Managing your accounts
Another area you should fully assess is the account type you use to manage your daily financial transactions. Is it appropriate for daily transactions at an ATM, debit order transactions, and deposits?
Would you save on bank fees if you changed to a different account type?
Do you know how much it costs to draw at an ATM that does not belong to your bank – have you ever taken the time to see what this costs?
Do you know where your bank’s ATMs are with where you stay and work so that you don’t have to use another bank’s ATM?
How do you receive your bank statements – via post or email? When did you last examine your bank statement to ensure that all transactions were legitimate and check the associated costs?
Have you requested notification services via cellphone to protect your account from fraudulent activity?
These notifications also help you keep track of your daily transactions and your available balance.
Always remember that a reserved amount will affect your balance, so check your balances regularly to know exactly how much you have available at all times, and don’t spend more than you have.
Banks also offer different packages depending on your gross annual salary, and being on the correct package will provide you with appropriate costs, savings, and fabulous reward schemes. If you are unsure what package you should be on, speak to your bank. Suppose your salary increases insist on upgrading your account for the added benefits and lower costs.
Also, ensure you always have the correct amount in your account for all your debit orders. If a debit order is returned, this is an unnecessary expense and a mark on your credit profile.
Another time saver is, scheduled payments which you can set up online, ensuring that you pay your accounts on time, every time. Manage your bank accounts efficiently and avoid unnecessary expenses.
Conclusion
Many technologies have improved banking availability. Today, many facilities that were only available at branches are now available via your bank’s website. Please make use of them and avoid time delays and queues.
Please educate yourself about what your bank offers; what they charge, and manage your accounts appropriately.
Hopefully, the amounts you save in this way can instead be saved or invested and see you creating wealth instead of throwing it away.
This blog was brought to you by Ursula Gouws.
This blog is for information purposes only and does not constitute legal or financial advice.
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