Bank Fee’s you don’t have to pay them

Now unfortunately this is not a magical way to do as many transactions as you want at the bank and get out of paying fees. The fact is that generally the more transaction’s you make the more it is going to cost you in bank fees each month. So really the simple answer to this problem is cut down the number of transactions.

Ok maybe that is not enough information, maybe you would like to cut down the transactions but just don’t know what you can trim what you do not need. Well to a small degree it can be a simple case of using a little forward planning, taking time and it does not have to be any more then a few seconds to think about what you are doing.

Generally the most expensive fee is if you overdraw your account, yes even though you have taken out more money then you have in your account the bank think’s you can afford to pay a fee anything up to $20. You can easily avoid this fee by trying to keep a rough idea of how much is in the account, because it is usually the little odds and ends that you pay for with your card that is your undoing.

Often the next most expensive cost is using ATM’s, while most banks often give you a few free transaction’s at the ATM, usually they are very low amount and more geared to their own brand ATM rather then other banks. Using an ATM to get Cash after your free transactions, can cost anything from $2-$4 each time, and not just got withdrawals checking you account balance can cost just the same. So the general idea is to minimize your use of ATM’s.

Finally if you must get cash out often probably the best way is when making a purchase on EFTPOS, Again you will get some free transactions here as well, often even more. However they still do cost you something after the free transactions, but this is often less then $1 a transaction. If you find that you do need cash, try and combine the withdrawal with a purchase you are making such as fuel or groceries.

Time for an example, Bill has a bank account that gives him 4 free ATM transactions a month and unlimited EFTPOS Transactions. He gets fuel once per week and groceries twice per week, which he pays with EFTPOS, for his other spending he withdraws cash from the ATM on average 3 times per week, and checks his account balance at the ATM once per week. Currently he pays about $36 per month in fees. He could eliminate these fee’s entirely if rather then going to the ATM for cash he was to get cash out when purchasing his fuel and groceries. Then he could use the Free transactions to check account balance’s or could make use of internet banking and never need to go to an ATM again.

It can be a very simple task to save some money on Bank fee’s it may not always be Hundred’s of Dollars, but over the course of a year it can sure add up. Because i pay attention to how i use my transaction’s i have avoided paying any fee’s for close to 7 years now, probably saving myself hundreds if not thousands of dollars.

Be Sociable, Share!

Did you enjoy this post? Why not leave a comment below and continue the conversation, or subscribe to my feed and get articles like this delivered automatically each day to your feed reader.

No comments yet.

Leave a comment

Line and paragraph breaks automatic, e-mail address never displayed, HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>