We all visit a bank and do bank transactions almost daily in our lives. But while doing so, we often end up making some mistakes. These mistakes may seem minor when you think about them or read them. But when you make such mistakes, you only fall into the pit of financial losses or tiresome banking experience. Here are some of those most common mistakes we make.
1. Being Too Loyal
Do you already have a bank account? You surely do, we all do. But how old is this bank account? Is this the only bank account you have? Did your parents open it for you when you were a few years old? If you said yes, then you are making a mistake. Banks and their terms were entirely different when you were young. Not all banks are created equally. Today’s banks are different and the facilities they offer are better too. There are possibilities that your bank is age-old and still follows traditional banking techniques which may now seem to be outdated. And you may not realize this as you haven’t explored options of other banks. So now is the time when you must look around and see how other banks function and the kind of services they provide. Look for some popular banks around you, compare their terms and features, and get a secondary or an altogether new bank account.
2. Maintaining Low Bank Account Balance
A lot of banks require you to maintain a certain amount as your bank balance. In case, you don’t maintain this lower limit of balance in your bank, the bank may levy a monthly penalty or non-maintenance charge. This charge varies from bank to bank, plus taxes are also levied on this amount. It is illogical to end up paying a few dollars extra only because you couldn’t maintain the minimum required balance. When you know that your account balance is dipping below the banks minimum limit, be sure to transfer from savings or make a deposit before you face this situation.
3. Not Using Internet Banking
Most banks today offer excellent services such as internet and mobile banking. These features allow you to access your bank account and detailed monthly statements. Using the bank’s website or its designated mobile application, you can manage all your banking-related tasks from your computer, laptop, or phone. These features also allow you to apply for a credit or debit card, apply for a new cheque book, make an investment, and do a lot more than you would do after visiting your bank’s branch. In case, you are a business owner or someone who’s very busy, using these facilities is a must. You save a lot of time that you spend visiting your bank and standing in queues. Everything is available at your fingertips, so make the most out of it.
4. Keeping Too Little In the Account
In case, you want to see just how expensive your bank account can be, let it get overdrawn. Even if you have a zero minimum balance account, you may have to pay fees when you don’t have any money in the account. Once your balance dips below S$0, every single transaction that comes through will be subject to an overdraft fee. It’s best to keep a buffer amount of at least S$100 in your account.
That way, if a merchant accidentally runs your card twice, or you forget about a recurring payment, you won’t end up going below S$0. You should also check your account daily and watching the balance, as well as track your transactions regularly if you have less balance. In case, your account starts getting too low, transfer some amount immediately to the account to avoid overdraft fees. No matter whether you plan your finances to the penny each month, there could still be surprises. You could also easily forget about a transaction you made or a recurring payment, which may drop your account below S$0.
5. Paying ATM Bank Account Fees
No matter which bank you use, there are ways to avoid ATM fees. Some banks have a large network of ATMs to choose from, so you can almost always find one nearby ATM that will allow you to withdraw cash without any extra cost. Others, like online banks, may have a smaller network of ATMs. Figure out which option your bank account offers and utilize it. If you simply can’t get to an ATM that’s around you, you can still avoid the high fees involved with getting cash in hand. You can always pay for a purchase with your debit card.
Now that you know how petty these mistakes are, you can be careful and avoid them. By avoiding these mistakes, you will only take a step towards better banking and a loss-free life.
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