Bank fees seem to be ever on the rise and, as consumers; we may be all too quick to sit back and complain about the charges but not do anything about then. At the end of the day, it is your responsibility to make sure that you are getting the best deal possible, no one else’s.
Be an Educated Consumer
Your first step is to find out exactly what you do and do not pay for and whether or not there are any ways to reduce the laid out fees. It is pointless to whine about charges if you are using cheques when the transfers could be free on internet banking.
Some Basic Possible Charges
Banks generally encourage you to use self-service options and will reward you for doing so. The first statement that you get monthly or statements that you download yourself over the internet are usually free. It is when you ask for duplicates that you are usually charged. Drawing cash is expensive – banks will encourage you to use plastic instead. If you need to draw cash, draw enough money for the week and avoid drawing money daily. Check with your bank if they offer fixed monthly fees for different transaction volumes. This can save you a lot of money and allow you to budget accordingly.
This is the electronic age. There is seldom any reason to set foot into your bank and, if you do, you will find that your transaction fees reflect that this is the more expensive option. Avoid the inside of the bank like the plague.
Manage your Interest Rate
A good credit rating means being able to negotiate a better deal on the interest rate that the bank charges you. Keeping a good credit rating means more than just paying your accounts on time.By paying more than the maximum amount due and not maximising your credit cards you will improve your overall credit rating. This will allow you to negotiate for a lower credit rating at the bank. Overall, the best way to combat bank charges is to know what you are paying and to be aware of what alternatives there are. You need to ensure that you take control of your bank fees today.