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Ways to avoid unnecessary bank charges

Banks

With more than a third of bank customers struggling to pay debts, people need to watch their bank accounts closely for unnecessary charges. Even a handful of bank charges can push a person deeper into debt, making it difficult to recover financially. These are essential tips to avoid bank charges and keep the money that belongs to you, according to www.lifehack.org:

  1. Understand what your bank can charge

The Central Bank of Nigeria sets regulations that prevent banks from charging outlandish fees. Despite some regulations, banks still get to charge relatively high fees for simple mistakes and services. Always read the fine print before opening an account. If your bank updates its policies, read the new fee structures so you understand exactly what your bank can charge.

  1. Search for banks without unnecessary charges

Not all banks try to make money out of every transaction. If you’re tired of paying fees for things like ATM withdrawals and talking to a teller, search for banks that don’t charge for those services. There are plenty of options, including credit unions and online banks.

  1. Bundle services to avoid bank fees

Banks want you to use as many services as possible, so they eliminate certain fees for customers who use bundled services. Someone with a current account may have to pay a small monthly fee. Adding a savings account can lower or eliminate that fee.

Talk to your bank about how bundled services can help you avoid unnecessary fees. If you’re not satisfied with the response, start exploring alternatives with better and cheaper services.

  1. Choose an account with fewer charges

Even at the same bank, customers may pay different amounts for similar services. You can save money by choosing an option that matches the way you prefer using your account. For instance, if you prefer going inside the bank to talk to a teller, you may have to pay a fee unless your account covers the service. Other accounts may charge for using ATMs. Find an account that will charge you less for the services you plan to use.

  1. Ask the bank to waive fees

Banks want to make extra money by charging fees, but they don’t want to lose long-term customers over piddling amounts. If you receive a charge that you think is unfair, contact the bank to ask about waiving the fee. Many banks will remove the charge from your account to keep your business.

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