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Tracking bank fees

anne_20002002 - Posted: 4/9/2009

Our money may be in the bank but there are still ways to lose that cash. shed's light on the types of bank accounts and the fees that you should keep tabs on.
1. Current/ checking accounts , are deposit accounts that serve as your "money well " for things like bill given a check-book for your transactions.WATCH OUT FOR. Overdraft charges , Overdraft happens when you issue an amount on your check that is more than what you actually have in your account. Banks usually issue a penalty charge of this.. Inter-branch transaction , Occurs when you deposit in another branch, specifically a provincial branch. A fee is collected for the transaction.KEEP- YOUR- CASH STRATEGY . Manage your checking account properly, Know how much money you have at any given time to avoid overdrafts.
2. Savings accounts , are deposit accounts that you keep for the purpose of making your money grow. You are usually given a passbook or ATM card for your transactions. a. ATM cards are used for withdrawals on the ATM machine.WATCH OUT FOR. Below maintaining balance charges , If your money falls below the required maintaining balance, banks deduct a fee from your account monthly.. Dormancy fee, If you haven't touched your account for a considerable amount of time ( a year for checking accounts and two years for savings accounts), it would be labeled dormant, and monthly fee would be charged.. ( for Atms ) Inter-bank transactions, Banks deduct a service fee every time you use your ATM card with another bank.KEEP - YOUR- CASH STRATEGY. Read the fine print , Ask questions about everything regarding your account .. Monitor your savings, Make sure your account doesn't fall below the banks maintaining balance.. ( For ATMs ) Limit your inter-bank ATM transactions, It will cost you less when you do your transactions at your own bank's ATM.3. Credit card accounts, allow you to "borrow" money from your bank at the cost of interest charged.WATCH OUT FOR. Late payment fees, These are fees charged when you don't pay your balance on the due date issued by your bank.. Interest fees, These fees add up the more often you use your credit card.KEEP- YOUR- CASH STRATEGY. Monitor your spending closely, Exercise discipline and stay within your credit limit .. Never pay late, Always pay your balance before your bank's deadline.