Watch your statements
If you aren't paying attention to your monthly bank account statements, you could be paying more than you thought in bank fees. Without realising it, you could be charged hundreds of dollars in transaction fees each year, unaware that careful planning of withdrawals could avoid this.
ATM charges, EFTPOS transactions and other common account activity such as currency conversion can cost you money that you may not even notice is gone. Face it, when was the last time you could remember the exact amount of money you had in your account when you last checked? Small withdrawals by the bank can go easily unnoticed, and they aren';t even hidden fees. They appear right there on your bank statement.
How can you avoid spending so much on unexpected bank fees? First, you can simply begin looking over your bank statements with care and documenting charges for account activity. You may then decide to switch to a savings account with no monthly account keeping fees, and a generous number of free electronic transactions per month. Bank accounts that can reduce your account fees by a significant margin are abundant, so shop around for the best account for your needs.
Remember, if you're being charged $5 a month in account keeping fees and even as little as $1 per week in other account activity charges, you will be paying over $100 in avoidable fees. Visit our transaction account banking page to compare what the best banks are offering today.
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