How to dodge a bullet with banking fees

How to dodge a bullet with banking fees

Some small changes can add up to big savings in bank fees. Image: File class = “image-source”> Source: news.com.au

Bank customers are quickly learning how to dodge a bullet form of taxation.

For many Australians, is unsatisfactory for bank charges stronger than ever and, in turn, consumers are getting smarter in the flow of gas costs.

recent figures show in 2010, Australian households spent a whopping $ 1.2 billion in transaction fees accounts, but these fell by $ 688 million, or 36 percent from a year ago.

Australian bankers Association chief executive Steven Berg Munch says that there are some simple ways to get around bank charges, with multiple accounts fee-free offer.

“People are not willing to pay a fee if they do not feel they get value for the service they have been asked to pay a fee,” he says.

“Banks are always offering new products and the trend is for lower-fee banking products.

” Take a look at how you use your account. If you are a high user transactions, you may be better to look at an account with a fixed fee for the month. “

In 2010, households spent on average $ 9.73 per month on f ees bank, which fell by $ 2.13 from last year.

Home loan costs generate greater revenue for banks in 2010, making a healthy $ 1.3 billion. For many customers, who plan to save taxes, they should stick to their ATM or financial institution to find out how they can use for free. Alternatively, you can get cash when you make an EFTPOS transaction. Check with your bank what costs associated with your account so you know when and if you will be charged.

Munch Berg says is good because cost banks charge for ATM use some other services such as old fashioned method of writing a check, which now costs about $ 10

“fees are there to cover the cost of providing ATM Network. ‘ They will be fees to cover the costs of individual accounts to ensure the bank, “he said.

” If you use a check, for example, is more expensive because fewer people use it. “

Making payments by phone or internet banking can allow customers to save taxes.

Client Anoush Barrie, 57, believes that ATM fees are an” unnecessary “price.

” In Overall I think the bank charges a little over the top, “she says.

” Having said that if people do not pay on time or overdrafts on their accounts, I think they should be fined because you’re previously said. “

comparison website Rate City CEO Damian Smith says Aussies will be slapped with charges of banks from all directions, be it, mortgage or credit card transaction accounts, adding up to a massive $ 4.25 billion.

But he says that if you’re smart about what you can easily reduce the fees you pay.

“Cash out through the reserves continue to grow,” Smith says.

“assessment on good that we have heard that there was at least a 15 percent increase.

“If you can not use your own bank network, money through Woolies or Coles is a good option.

” The legislation now means that a fee should be displayed before proceeding to transaction (ATM) and we know many see it and not go. “

Smith says that it pays to shop around when you register for an account of day-to-day transactions and be aware of the banks want your business, no matter how small.

” If banks have had you for a transaction account, they are convinced that they can sell you other products, “he said.

” people really want your business through a transaction account more than you think .

“There are a bunch of no-fee transaction accounts that people should look at. Some of them require no payment in return for certain types of behavior. In other words, if you choose a quantity set each month. ”

BankWest Zero Transaction Account is an account of payments without much on offer, even reimburse account holders with $ 2 ATM charge if they use any ATM owned by four major banks.

Executive BankWest Retail Chief Vittoria said lotteries pay the withdrawal fee pays back the bank, but they have no plans to get rid of it.

“People keep saying” are you going to remove it and the answer is ‘no,’ “she says.

Customers must place a minimum of $ 2,000 in your account every month to ensure that they will not be charged for ATM withdrawals

CHECK costs

different accounts come with different fees, so check with your bank if you are charged.

* Summary Month held tax

* A ATM fees (the bank’s ATMs and, even more, to use another bank’s ATM)

Fees * Telephone and internet banking

* EFTPOS fees

* Fee Branch

* A tax mind

Source: moneysmart.gov.au