Financial habits that increase bank fees: If you’re not careful, everyday tendencies can trigger bank fees that drain your cash. It is important to know those financial habits that can raise your banking fees. Increase in banking fees generally are caused by missteps we often make. In fact, the most common bank fees are surprisingly easy to avoid.
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This is why experts can identify financial patterns that can lead to increased bank fees. Read on to learn what you can do to reverse those habits and avoid hefty charges.
According to www.bankrate.com, there are seven financial habits that can raise your banking fees. These are:
1. Withdrawing more money from your account than you have
Withdrawing more money from your account than you have can trigger costly fees, which have grown in recent years. In fact, overdraft fees, also known as nonsufficient funds fees, have gone up over the years.
2. Dropping below your minimum balance
Some banks require you to maintain at least a certain amount of money in your account. If you dip below that number, you can be penalised for it. Say your bank requires you to maintain an average balance of at least N10,000 in your account. If the average amount you have in the account drops below N10,000, you can be charged a fee that is taken directly from your account.
To keep your balance up, have your paycheque directly deposited into your current account. Then consider using your bank’s online tools or a phone app to monitor your balance. If possible, add a cushion of N5,000 to N10,000 in your account for unexpected expenses, according to experts. Also, reconcile your current account each month to stay on top of your balance and spot any errors.
When looking over your bank account, if you realise you’re not able to regularly maintain the needed balance, it may be time for a change. Consider opening an account with a lower minimum balance requirement or no minimum balance needed at all. Some commercial banks offer this type of account.
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