Most of us who have bank accounts have experienced paying for bank fees and many people do not take it as expenditure even in their monthly budgets.
Amount of bank fees depend on different banks. Hence it is important to shop around before you open an account in any country. I experienced this and I realized that bank fees vary a lot although there are also some other factors to consider when one is selecting a bank to open an account.
I am going to mention some common ways in most countries and with different banks which would reduce bank charges. I had to sit with one financial adviser to outline for me some of these tips and I have decided to share them with everyone.
1.Use ATM that is withdrawing from the machine using the same bank otherwise the fees will be very high if you withdraw from ATM of another bank.
2.Do electronic transfers
3.Deposit money by ATM
4.Some banks wave bank fees for people above 55 or 60 if one has certain amount of money on their savings or investment account. Please find out from your bank.
5.Debt orders are cheaper than stop orders as banks get more involved with stop orders than debit orders. With debit order the contract is between you and the beneficiary and with stop orders, the contract is with you and the bank.
6.Use debit card to buy things if you have run out of cash. Do not go to withdraw from ATM.
7.Go to your bank and ask customer service official or the bank manager to advice you according to your type of account how to reduce your bank fees. Please know that it is a great expenditure on your monthly budget
I will welcome any other tips I have not mentioned.