03 Apr 2013
Consumers often complain of high banking costs, unaware that having the wrong bank account and their own banking behaviour contributes to these unnecessary fees, says Eunice Sibiya, head of consumer education at FNB.
If you hardly use your bank account a ‘pay as you go’ account with minimum monthly fees but charges on each transaction may be suitable.
However, if you transact regularly, FNB offers unlimited accounts where you do not pay per transaction. This allows you to fix banking costs for a monthly fee, she explains.
Take a few moments to call your bank, look online or even go into a branch to find out what you are paying for your account, and what transactions this fee gives you.
“Once you are happy that you have the right bank account, you need to take control of your transactional behaviour,” says Sibiya.
There are many common mistakes consumers make driving up their banking costs.
“If your pricing option allows six ATM withdrawals a month, and you are withdrawing every few days, this is going to not only cost you a lot more, but is also a waste of time.”
Frequent withdrawals are just one of the common mistakes made that push up bank charges.
Withdrawing money at an ATM that does not belong to your bank is costly because you pay SASWITCH fees, which is a fee charged for that bank to recover that money from your bank.
There are ways to reduce your bank charges.
Most banks offer electronic channels of banking that are cheaper, safer and more convenient than going into a branch frequently.
These include online or Cellphone Banking and Automatic Deposit Tellers (ADT).
Withdrawing cash at tills is another way to cut down on costs. Participating retailers will allow you to withdraw an amount not exceeding your daily withdrawal limit. In most cases, this is lower than the usual ATM withdrawal fee.
“Look at your bank statement often and take note of when you have been charged over and above your monthly bank fees because of extra transactions you have made.
If you can change your habits you can save money,” adds Sibiya.
Apartment / Flat for sale in Corlett Gardens R 590 000
House for sale in Doringkloof R 1 850 000
House for sale in Kleinvlei R 399 000
House for sale in Lynnwood R 2 850 000
House for sale in Kwaggasrand R 1 460 000
House for sale in Voelklip R 3 800 000
Apartment / Flat for sale in Port Elizabeth Central R 300 000
House for sale in Erasmuskloof R 2 180 000
House for sale in Birchleigh A H R 990 000
House for sale in Lyttelton Manor R 1 590 000
If you are using Internet Explorer 8 or higher, please verify that your Internet Explorer compatibility view settings are not enabled.
For the best browsing experience update to the latest Version of Internet Explorer or try out Google Chrome or Mozilla Firefox.
Please contact our Customer Service Centre for further assistance. Tel. +27 (0)861 111 724