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HOW TO AVOID BANK CHARGES; LOANHUB HACKS FOR PERSONAL BANKING.
Bank Charges reduces our saving. Banks make millions of Naira from what we call “change”. Imagine a bank charge of 1 Naira to about 1 MILLION bankers. You see how much they make?
They are charges that occur in your account that your would really not care about. This Article will try and explain how best to avoid bank charges.
According to lifehack, people are struggling to pay debt. As a student i remember paying in N200 over the counter simply to withdraw the last N1000. Below are suggestions by lifehacks on how to reduce bank charges, or avoid them totally.
- UNDERSTAND WHAT YOUR BANK CAN CHARGE
- Government do set regulations that prevents private banks from making outlandish charges. In Nigeria, there has been various regulations by the CBN e.g the N65 charged by ATM’s for withdrawing. The new CBN policy bans such charges, unfortunately other banks still deduct N65 once you use their ATM. Be sure to use your banks ATM, if your bank is far from you, try opening an account with the bank near you.
GET YOURSELF A BANK WITHOUT UNNECESSARY CHARGES
- ItsNot all banks try to make money out of every transaction you carry out. If you are tired of paying fees for things like ATM withdrawals and talking to a teller,kindly search for banks that don’t charge for those services. There are plenty of options, including online banks.
BUNDLE YOUR SERVICES TOGETHER
- This is a simple instruction that many people overlook. Why break a withdrawal down, when the ATM can pay about 20k once? Transfers over ATM cost too, dont break down the Sum, move it in bulk if possible. Otherwise, use the COUNTER if you are Parsimonious.
OPT OUT UNNECESSARY SERVICES LIKE MONTHLY STATEMENT, BANK ALERT SMS etc.
CHOOSE AN ACCOUNT WITH LESS CHARGES.
- While at the same bank, different customers pay different charges. Ask for a proper explanation of what their plans are.
so, be careful while talking to your Banker. Just understand that they don’t hold our money for free.
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