Quite a number of Nigerians are tired of those annoying debit alerts especially when it turns out to be bank charges. In a time like this, cutting cost to the barest minimum appears to be another means to survive
The following essential tips can help you attain that new year resolution to avoid bank charges and keep the money that belongs to you
Use online banking to avoid paper statement fees
In this age and time where technology is at its peak, it would only be wise to take advantage of online banking which leaves you without charges which come with the paper statements. Considering most banks offer online services, feel free to use your computer and internet connection to get what you desire without paying for it
Most banks will let you choose whether you want paper or electronic statements. Many people are unaware that they would spend less money printing your online statements than having the bank send you paper versions in the mail.
Search for banks without unnecessary charges
Eventhough banks use the “charges” to make some cash, you might consider searching for one without unnecessary charges. There are many banks that don’t try to make money out of every transaction. Some charges are avoidable, for example, if you are tired of paying fees for things like Automated Teller Machine withdrawals and talking to a teller, search for banks that don’t charge for those services.
Don’t live above your means
Banks usually charge overdraft fees when you spend more money than you have in your account so try as much as possible to live within your means. Pay attention to your current and saving balances will help you avoid overdraft fees.
Banks often charge fees for continuous transfers, so you may want to consider using a money transfer service to avoid these charges. Doing so could help you avoid numerous fees and potentially overdrafting your bank account.
Choose an account with fewer charges
Even at the same bank, members 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.
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 might have to pay a small monthly fee. Adding a savings account could lower or eliminate that fee.
Talk to your bank about how bundled services could help you avoid unnecessary fees. If you are not satisfied with the response, start exploring alternatives with better, cheaper services.
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.
Some research shows that some people have convinced their banks to forgive fees. You are more likely to get a refund by talking to service reps nicely and moving up the chain of command until you find someone authorised to remove the fee.
Since banks want to keep their best customers, long-term members without previous charges may have more success.