Bank charges are no longer trivial expenses, so it is time to make sure you are paying as little as possible.
Here are some cost-saving tips:
* Ask your bank if it offers a management fee option. You pay a set monthly service fee and receive a certain number of transactions free;
* Does your bank offer transactions free if you maintain a certain balance in your account?
* Special deals are often available to senior citizens. Divulge your age and save;
* Use your bank's own ATM network for cash withdrawals, deposits and other transactions - it is far cheaper;
* Switch to phone or internet banking - and save money from the convenience of your armchair;
* Take good care of your bank cards. They cost money to replace;
* If you overdraw your limit, or issue a cheque without having the funds in your account, you will be charged hefty penalty fees;
* Settle your credit card in full before the due date or you will be charged interest from the date of each purchase;
* Do not deposit or issue post-dated cheques - they attract big fees; and
* Some shops, such as Pick 'n Pay, allow you to pay for purchases with your ATM card at the till.
This article was published in the October 2000 issue
of Personal Finance magazine. See what's in our latest issue