Whether it’s in relation to your personal bank account or that of your business, bank fees can make a world of difference to the overall health and shape of your finances. I mean if in addition to the interest they charge on the money they lend to people banks thrive on the bank charges they charge people, this should automatically compel you to consider just how steep those charges may be. Your bank account is only one out of possibly millions operated by your banking institutions, so even if they charged each of you marginally for the services they offer, they’d still make a huge profits.
Banks aren’t satisfied with “huge profits” however and will go out of their way to ensure they make even more profits, despite already making truckloads of money. This means that any banking institution will always look for any small way in which they can squeeze an extra bit of money out of you and the more frequently they can do it, the better for them. What this also means for you however is that you have to take it upon yourself to try and avoid those extra little bank charges which may appear to be small at face-value, but once you tally them all up over a period of something like a year, you’ll very quickly realise that you’re literally just throwing away a lot of money unnecessarily in the form of bank charges you can avoid.
You simply cannot leave it up to the good faith of a goliath financial institution to claim to look out for your best interests by laying-off on charging you for anything they can legally charge you for. In some instances however, they do tend to stretch the legal boundaries a bit in terms of what banks charge their clients, which leads us to one of the best ways through which to minimise your banking fees — making use of the services of a financial claims specialist like Stanton Fisher.
With the expertise of a financial claims specialist in your corner, you could even go as far as being able to reclaim some of the money you were subjected to paying in the form of bank charges that may have been mis-sold to you. The process entails an analysis of how something like an “upgrade” to your banking service was presented to you, specifically if it involves any additional monthly fees or fees charged periodically.
Otherwise just some general good practices pertaining to your banking will help you minimise your banking fees, such as withdrawing larger sums of money so as to avoid having to repeatedly pay withdrawal charges as these can really add up very quickly.
Use your card to make in-store or secure online payments over bank transfers and cash which you withdrew as well. Making payments in this way usually incurs no fees at all and is in fact safer than carrying cash in any case.
Also just make sure you always have a positive balance available in your account, some of which credit you can allocate to something like a savings or investment pocket so that the interest earned on that money can essentially be used to cover any bank charges you’d have otherwise had to pay.