It is already known by now that many banks will be charging from the account holders for depositing and withdrawing cash after a certain number of transactions. However, these charges can be avoided by following these simple steps:
- Close the accounts which have been left unused for a long time. This usually happens when you have frequent job transfers and so the bank accounts are left unused. There is a likelihood of such accounts falling under minimum balance limit and so may result in charges being imposed. Check if you have any of such accounts and close the one’s which have not been active for a while. You may use this unused money in such accoungts and put them in some other profitable ventures.
- Minimise depending on cheques for carrying on transactions and start using online banking in its place. Many banks provide one cheque book of about 20-25 cheques for one quarter for free if you maintain a minimum balance. But after this one chequebook is over then you have to shell more bucks for issue of more cheque books.
- Always remember your card PIN numbers. If you forget your pin then the banks will charge to regenerate a new one. So it’s better to be safe now than sorry later.
- It is important to remember that you will be charged for physical monthly bank account statement to be couriered or posted to you. So instead of paper statements, opt for quarterly account statements or monthly email statements that are provided free by banks. One more thing, whenever you do an address confirmation, signature attestation and photo attestation then also you will be charged everytime. So it is better to choose digital platforms.
It is just a matter of making some adjustments while doing bank transactions and choosing the best options wisely.