How to avoid unnecessary bank fees?

The big four banks are ready to announce a combined annual profit of $27 billion. It looks like the banks are making a record breaking profit. Does that by any chance affect the individuals? The answer is yes.

Is it a good sign?

If you are a shareholder of the bank, then it is good news. If you are a customer, then it is just an alarm that you are giving banks a lot of money as bank fees. According to the analysis of the Australian Bankers’ Association, there are few fees that push lots of money to the bank.

How to reduce the bank fee?

a)      First, get a bank statement and make a list of recurring and one-time costs.

b)      Use an online comparison site to check whether your bank is charging more transaction fee, account keeping fee…etc, than others.

c)       Shift to mortgage products without or less monthly fee.

d)      Do not withdraw money from other bank ATM.

e)      If there is any chance of upgrading to the next level of customer, choose it because high value customers are charged with less bank fees.

f)       If you find an unknown fee in the bank statement, feel free to confirm about it with the authorities.

g)      Few banks waiver charges for bundling products.


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