Recently I went through my bank account and found I have been charged unnecessary for several reasons. When you think about, it is likely that every Canadian has been charged for an unnecessary fee at least once in their life. You may or may not even be aware that it happened to you.
These fees are definitely ones that we can avoid with a bit of planning, ultimately keeping your money in your pockets.
By keeping an eye on the following points, you should be able to avoid unnecessary fees:
- Overdraft Charges
You should not be using your overdraft unless it is an emergency. Dipping into your overdraft because you cannot remember
- Cash Advance Fees
When you use your credit card to withdraw cash from an ATM, you are charged a banking fee, not to mention your credit card’s cash advance fee. To top things off, you will have to pay back the actual amount you took out, with the full interest rate being applied form the day you withdrew the money.
- Foreign ATM Charges
This is definitely an unnecessary fee everyone faces on multiple occasions in his or her life. Realistically, there is hardly a reason to use a foreign ATM, especially when you are paying extra fees to access your money. It is a waste of money, and if you can avoid doing it, then I recommend that you do.
- Bank Administration Fees
There are a lot of little charges your bank will place on your account for what may seem the most mundane of services. A few include not keeping a minimum balance on your account, exceeding the number of total transactions allowed, etc.
- Bouncing Cheques
There is no reason your cheques should bounce, other than the fact you actually have no money to cover them. Many of us consider keeping our money in a high interest savings account, however the fact is remembering to transfer the money or coordinating between the banks’ schedule can become an issue.
Avoiding these things will allow you to easily save money, and put it towards any financial goals you may be working towards.