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What charges are useless on my bank account?

What is a bank charge? Is it possible to avoid it? Read and find out how to keep away from useless expenses.

Many of us have accounts in various banks. We should pay money for their services and the security they provide to our money, preserving it. However, there are bank charges, which are actually useless to us. You can easily avoid them if you want to.

bank charge

Bank charge

Let’s first find out what it actually is. Any kind of charge in banks is fee, which is applied to the account. They might appear in the following cases:

  • overdraft,
  • not maintaining minimum balance,
  • additional banking activities and operations.

How to avoid useless charges?

Many people in Africa and in Nigeria try to lower their debts. In order to do this, you should be very attentive and watch your account operations. If there are plenty of services, which seem to be not very expensive, they may finally lead you to the big debts. You will not notice how the sum will become hard to recover.

bank charges

To keep you off that terrible financial pit, we would like to offer you several tips, which will become very effective and eliminate any unnecessary fees. Consider the following list:

  • Find an appropriate bank. Before you open an account, you’d better read and learn more information about the institution you select. There are banks, which are not aimed at taking money for every possible transaction. There are such services as SMS and E-mail alerts or ATM withdrawals, which can actually be free of charge. If you find such bank, you will save lots of money. Otherwise, your spending will increase significantly.
  • Keep away from overdraft fees. Almost all the banks take money in the case you do not have enough money on your account. It might be easily avoided, if you can control your expenses and have a required sum on the account. Be attentive to your checks and saving balances. Then everything will be alright.

bank charge1

READ ALSO: How to get a business loan from a bank

  • Online banking. In the modern world, it is not only convenient, but also more advantageous to use the Internet to find out your balance, history, receipts and any other information concerning your bank account. If you choose paper variation, you will be imposed with certain fees for paper statements. When you come to the bank to open an account, two variants will be proposed to you – electronic or paper. Ask the bank officers about possible fees for paper statements and then make a decision. In some institutions, this option is free in fact. Anyway, it is better to stay more practical and economical with nowadays’ technologies.
  • Select a proper type of account. Coming to the bank, you will be offered several different packages for opening an account. You should consider each of them very carefully. Read all the conditions, rights and obligations of a client. After this, look at the fees you will have to pay. Learn the services you really need. In some cases, bank charge refund is available as well. It is also a good idea to consult with a specialist. Tell him or her about your basic needs and they will advise you the best package, suitable for you at the money expenses.

bank charge refund

 We hope that our tips will help you to save your money and avoid unnecessary payments. Keep an eye on your expenses and everything will be okay with your budget.

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