Tips on Reducing Bank Fees

Tips on Reducing Bank Fees

Below are some guidelines which users can follow to reduce on ATM fees. Automated Teller Machines or ATM’s as they are commonly referred to have transformed the banking industry and how financial transactions are done by individuals,households and even business entities.These ATM’s have become electronic banking outlets, which allow customers to complete basic transactions without the aid of a branch representative or teller.

There are two primary types of automated teller machines.The basic units allow the customer to only withdraw cash and receive a report of the accounts balance.The more complex machines accept deposits,facilitate credit card payments and report account information.It must be stated however that these ATM transactions come with fees.

1.There are many different bank accounts out there,you need to select the most fees effective account for your needs. Make sure you know what your account fees are and what you are getting for them.

2.Make purchases using a cheque or debit card.It is safer, more convenient and free of charge. Most stores offer a Point-of-sale device which will allow you to swipe your card when you purchase goods in the store instead of paying with cash.You can also draw cash at these point of sale machines in stores.

3.Find out what rewards come with your bank account. Many banks will often reward or give value added services to customers to incentivise them to continue banking with them and to bank in a cost effective way.

4.Don’t withdraw at an ATM that belongs to another bank.These fees are very high and can quickly add up.

5.Avoid going into a branch where possible. Check to see what electronic or digital services your bank account allows you to do. Most transactions are far cheaper and its more convenient. Also try to deposit money at an Automatic Deposit Teller instead of inside the branch.

6.Ensure there are sufficient funds in your account to cover all transactions.

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