177 Views

How To Reduce Your Bank Charges

Customers look for different accounts, which they feel could suit their lifestyles.
Many customers open different accounts with the same bank because they feel a single account may not be able to meet all their financial needs. Banks also woo customers to open many accounts by offering them different benefits with innovative products.
The bank accounts are usually designed to promote savings culture, provide credit facilities, enable the owner to conduct some specific transactions or achieve a certain goal. While some accounts allow limited number of services to be performed on them, others offer a wider range of services.
For instance, some may allow the owner to send money only within the same bank while others allow transfer to other banks or foreign destinations. A customer may enjoy the ability to pay for his regular bills and other subscriptions through some specific accounts.
Some customers also open different bank accounts because of the interest rates that they earn on them. While some banks make it easy for customers to open account, some may make it difficult when it comes to withdrawal. Customers therefore look for different accounts, which they feel could suit their lifestyles.
Though, these accounts provide different purposes, the banks usually deduct charges on major accounts and services rendered.
An online report published by bankingadvice.com notes that a person needs to have various types of financial accounts in order to make sure he is getting the most out of his money, and positioning himself optimally for the future.
For example, a person may want to have an account to take charge of his retirement saving plans. And he will need a current account (and probably a savings account) in order to manage the flow of money both in and out of his various accounts.
Unfortunately, free bank accounts are relatively hard to come by, so it’s important to manage the applicable fees carefully.
Bankingadvice.com gives some tips on how to reduce, or perhaps even eliminate, the fees paid for banking services.
 
*1: Do your research.
The first step is to research the various account types and options you have available at your current bank. Make sure you know what your current account fees are — they may have changed since you first opened your account. Your bank probably offers a number of account types, and your current needs may not be a good match for the type of account you now have, at least in terms of applicable fees. Conduct the same level of research.
*2: Go online.
As part of your comparison shopping, be sure to include online banks in your research. Since it is online, banks don’t have to pay the costs associated with maintaining a physical location, retaining a member of staff of bank tellers, and related expenses, you may be able to find accounts with the features you need, but at a lower price than your local bank.
*3: Understand your needs.
Long gone were the days where banks would offer one or perhaps two savings account or current account options. Now, you’re certain to have a number of different options, and each of them will provide you a different mix of features.
In order to make the right choice, give some thought to what’s really important to you. How often do you use bank tellers? How often do you use Automated Teller Machines or automated bill pay? Do you need a safe deposit box?
*4: Be willing to change banks.
Don’t let your own inertia keep you from getting the best terms and fees on your banking conditions. It can certainly be a bit inconvenient to take your business to a new bank or credit union. But if doing so would help you save some money in fees, or earn a bit more each month in interest, or make you eligible for other valuable services the bank offers, then it’s worth the effort to change banks.
*5: Consolidate your accounts.
You may have a number of different accounts at different banks because you haven’t been diligent about closing old accounts. You may be paying fees on some or all of those accounts, so by consolidating your business, you may be able to reduce the fees you pay.
As with any other financial service you use, the best way to avoid paying too much for your bank accounts is to keep yourself well informed.
Source: Punch

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

WATCH: Toke Makinwa Opens up About Struggle with Fibroid and Recent Surgery
Entertainment
17 views
Entertainment
17 views

WATCH: Toke Makinwa Opens up About Struggle with Fibroid and Recent Surgery

PH - April 26, 2018

Watch this week’s episode of Toke Makinwa‘s Toke Moments as the author and media personality opens up on her struggle with Fibroids, her recent surgery and her…

Mikel Obi Speaks Ahead Of Super Eagles’ Clash With England
Sports
71 views
Sports
71 views

Mikel Obi Speaks Ahead Of Super Eagles’ Clash With England

MT - April 25, 2018

John Mikel Obi says the Super Eagles will put their best foot forward during the international friendly match against the Three Lions of England. The game is…

Like Cee-C, Nina Also Gets iPhone X, Hair and Cash Gifts from Tonto Dikeh and Bobrisky
Entertainment
67 views
Entertainment
67 views

Like Cee-C, Nina Also Gets iPhone X, Hair and Cash Gifts from Tonto Dikeh and Bobrisky

MT - April 25, 2018

Nollywood actress Tonto Dikeh has heightened her social media beef with singer and Instagram influencer, Tunde Ednut. This is coming after Tunde Ednut mocked a video shared…

Revealed: How Korede Bello Paid For His Distinction Results From Nigerian Institute Of Journalism
Entertainment
63 views
Entertainment
63 views

Revealed: How Korede Bello Paid For His Distinction Results From Nigerian Institute Of Journalism

MT - April 25, 2018

Mavin artiste, Korede Bello who graduated from the Nigerian Institute of Journalism with a distinction in Mass Communication (HND),just four days ago has explained in details how…

A Look At The Lagos Slum Where Land Is Allocated At N2k And Residents Live In Dirt
Shocking
63 views
Shocking
63 views

A Look At The Lagos Slum Where Land Is Allocated At N2k And Residents Live In Dirt

MT - April 25, 2018

Life at Mosquito village, a slum in Lagos state, is disgusting, brutal, weird, ephemeral, yet entertaining. The residents live in the cozy embrace of the filth surrounding…

SEE What Eating Dark Chocolate Does To Your Memory And Immunity – New Study
Best of Nigeria
63 views
Best of Nigeria
63 views

SEE What Eating Dark Chocolate Does To Your Memory And Immunity – New Study

MT - April 25, 2018

A new research showed that consuming dark chocolate with a high concentration of cacao has positive effects on stress levels, inflammation, mood, memory and immunity. Presented on…

PHOTOS: This Is How Nigerian Singer, D’banj Is Living Like A King In Dubai
Best of Nigeria
74 views
Best of Nigeria
74 views

PHOTOS: This Is How Nigerian Singer, D’banj Is Living Like A King In Dubai

MT - April 25, 2018

Without a shadow of doubt, D’banj is one artist who qualifies to be described as famous and rich. He also has so much style, so when he…

G-Worldwide Entertainment Unveils 2 New Artists, Easy Jay and Ajura
Entertainment
64 views
Entertainment
64 views

G-Worldwide Entertainment Unveils 2 New Artists, Easy Jay and Ajura

PH - April 25, 2018

G-Worldwide has just announced the latest additions to their rosters; Easy Jay and Ajura. The records Head of Artist Management, Louiza Williams said: We are thrilled to…

Why I Escaped From Police – Senator Melaye
Politics
67 views
Politics
67 views

Why I Escaped From Police – Senator Melaye

PH - April 25, 2018

Senator Dino Melaye has said that he jumped down from a moving police vehicle, which resulted in his hospitalization on Tuesday to prevent being taken to Lokoja,…

WATCH: DJ Neptune talks on his Challenges and Success Story on EbonyLife TV’s “EL Now”
Entertainment
71 views
Entertainment
71 views

WATCH: DJ Neptune talks on his Challenges and Success Story on EbonyLife TV’s “EL Now”

PH - April 25, 2018

In the new episode of EbonyLife TV‘s EL NOW, the talented DJ Neptune discusses the trials and challenges that he has encountered on his journey to becoming…

Singer Korede Bello Bags Degree from Nigerian Institute of Journalism
Entertainment
77 views
Entertainment
77 views

Singer Korede Bello Bags Degree from Nigerian Institute of Journalism

PH - April 25, 2018

Mavins record act, Korede Bello is proof that if you set you mind to achieve a certain goal, nothing can hold you back. In a post on…

Drums Festival Generated Lots Of Income For The Government – Governor Amosun
Art, History and Culture
87 views
Art, History and Culture
87 views

Drums Festival Generated Lots Of Income For The Government – Governor Amosun

PH - April 25, 2018

The Governor of Ogun State, Ibikunle Amosun has stated that the just concluded Africa Drums Festival hosted by the state, generated a lot of income for both…

I Sat For UTME Six Times – 26-year-old First Class Graduate
Geeky & Smart
88 views
Geeky & Smart
88 views

I Sat For UTME Six Times – 26-year-old First Class Graduate

PH - April 25, 2018

A 26 year old first class graduate of the Department of Applied Chemistry, Usman Danfodiyo University, Sokoto, Simon Godwin Idoko, has opened up on how he was…

The Activities Lined Up For ‘AMFEST EXPO LAGOS 2018’ Unveiled!
Best of Nigeria
97 views
Best of Nigeria
97 views

The Activities Lined Up For ‘AMFEST EXPO LAGOS 2018’ Unveiled!

MT - April 24, 2018

AMFEST EXPO is laden with the responsibility of expanding Africa’s creativity economy into the global market. African practitioners in the area of music, fashion, film, food and…

Revealed: Here Are 6 Online Scams Everyone Need To Be Aware Of And How To Avoid Them
Best of Nigeria
107 views
Best of Nigeria
107 views

Revealed: Here Are 6 Online Scams Everyone Need To Be Aware Of And How To Avoid Them

MT - April 24, 2018

Here are 6 important scams you must watch out for when you are online so as not to fall victim to online fraudsters, according to this article…

2019 Election: Why I’m Not Desperate To Be Nigeria’s President – Atiku Speaks On BBC
Best of Nigeria
121 views
Best of Nigeria
121 views

2019 Election: Why I’m Not Desperate To Be Nigeria’s President – Atiku Speaks On BBC

MT - April 24, 2018

While speaking in an exclusive interview during BBC Hausa morning programme on Tuesday, former vice president, Atiku Abubakar, said he is not desperate to become Nigeria’s president,…

Anti-Malaria: What ‘Ogbono’ Soup Can Improve In Your Body and Health – Research Shows
Best of Nigeria
116 views
Best of Nigeria
116 views

Anti-Malaria: What ‘Ogbono’ Soup Can Improve In Your Body and Health – Research Shows

MT - April 24, 2018

A Pharmacist, Dr Chukwuma Agubata, has said that taking Irvingia Fat from nuts of Irvingia Gabonensis Var Excelsa, known as ‘Ogbono’ soup has helped to improve the…

LISTED: These 3 Habits Can Make You Poor Even If You Have A Reasonable Income
Best of Nigeria
127 views
Best of Nigeria
127 views

LISTED: These 3 Habits Can Make You Poor Even If You Have A Reasonable Income

MT - April 24, 2018

When it comes to money, everyone has a habit that either helps you save or lavish your money. But for those who have a reasonable income and…

Loading...