When you perform certain types of transactions, your bank may assess a fee on your account. Below are the most common types of fees that you may encounter.

Different Types of Bank Fees

  • Transaction Fee This is a fee that is charged every time you perform a withdrawal, deposit, request a statement, set up a direct debit, etc.
  • Account Service Fee This is a fee at a fixed rate that is charged at regular intervals, for example, monthly.
  • Dishonour Fee This could also be called the “Bounced Cheque Fee.” It is assessed when a cheque is written but there are insufficient funds account to cover the cheque.
  • Overdrawn Account Fee charged when you exceed the agreed limit on you funds.
  • Early withdrawal fee This fee is assessed the terms of the account have been broken.
  • ATM Fee This fee is charged by banks who provide cash through their ATMs to non-customers.
  • Overseas ATM Fee This fee is charged to customers who take out money at ATMs outside of the country. It is usually assessed at a higher rate.

How To Reduce Your Bank Fees

Choose Your Bank Carefully

You should not open an account at a bank because you were given a promotional pen and a lollipop. This could be a potentially long relationship so you should enter into the agreement thoughtfully and carefully. Find out what your specific needs are and see if they match up with the bank. Read The Fine Print One surefire to know how to reduce your bank fees is to know exactly what you are entering into. Read your terms and conditions thoroughly. Find out exactly what kinds of fees are assessed for the account you are interested in.

Find the Best Account for You

You may not need the account that has all the bells and whistles. After reading the account details and terms and conditions, you may discover that there are many features to a particular account that may never be of use to you. If that is the case, find a better one! There are many types of accounts that suit all kinds of needs. There is bound to be one that will do just what you want.

Finding the right bank and account is not always easy. However, when you learn how to reduce your bank fees, you can rest easy knowing your money is safe and you aren’t losing it to unnecessary fees.