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3 Ways To Reduce How Much You Pay For Bank Charges

 Bank charges are somewhat annoying and most time difficult to pay.

Imagine saving a sum of money in your account and then boom, you get a message that some amount of money has been deducted for reasons that you can never explain. 

You may think that the charges are somehow petty or low until you find yourself in a situation where you can't withdraw money because the whole number in your account has been tempered due to some unknown charges. 

In this article we took our time to detailedly explain how to reduce or even stop the unnecessary charges you receive from your bank, please stay tuned.

What Are Bank Charges?

Bank charges are usually little amount of money which is deducted from your bank balance monthly, weekly or even per transaction that occurs in your account.

This charges may come due to your bank account type, the sms you receive, central bank of Nigeria (CBN) charges and so on.


Is it Legal For My Bank to Charge Me?

Yes it is very legal, all banks has the right to charge you for the service they provide to you in addition to the account you created with them. Creating a bank account may be free but you may be required to pay for certain things such as; credit card, sms notification, bank statement and so on.


How to Reduce My Bank Charges?

We have highlighted several recommended actions which can be taken to help reduce the amount which the bank charges from us, some of the suggested actions are;

 1. Turn Off Sms Notification: 

Several banks charges you a fee which ranges from #0 to #15 per sms they send to your sim card. This can be greatly burdensome to you as you will get charged per credit and debit alert sent by the bank to your phone. This will shorten any money credited to your account.


 2. Normalize Using Apps For Transactions:

As of the time of writing this article, certain commercial banks charges up to #8 per USSD dail made on your phone. So, if you want to perform any transaction and you dail the bank USSD code you will be charged immediately, regardless of if the transaction was successful or not. Using your bank application for transactions will save you from this charges as it free for most banks.


 3. Prioritize Using Fintech's For Minor Transactions:

Using Fintech's such as Opay, Palmpay and Kuda bank for lesser transactions will save you a lot of fees as these banks doesn't charge for transactions made. Opening an account with these banks is pretty fast and easy and it is reported that transactions made using these banks works within the speed of light.


Conclusion

We have detailed several ways in which you can securely and legally reduced the amount of money you pay for bank charges every month, this piece will help you get rid of those annoying debit alerts you receive on your phone for charges which you can't explain.

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