In spite of bank fees accounting for a fraction of the average consumer’s income, individuals can still do much more to reduce their cost of banking.
Banking is an important part of our lifestyles and the rapid adoption of smart technology is increasingly propelling the use of mobile banking through apps and other banking platforms.
Ancley Jacobs, CEO of FNB Consumer Core Banking says smart technology has been a game changer for both consumers and banks, due to its ability to improve convenience and safety while significantly reducing the cost of banking. However, he says consumers are barely scratching the surface when it comes to exploiting the benefits of digital platforms for day to day banking.
Jacobs outlines easy ways for consumers to reduce bank fees:
Be cash smart – when it’s necessary to use cash, you should rather withdraw at shopping tills for a fraction of the cost. If you need to use an ATM, it’s cost effective to use your bank’s ATM to avoid incurring additional charges at other banks. Alternatively, FNB customers can easily pay anyone with a cellphone number via eWallet Send Money, thereby eliminating the need and costs associated with using cash.
Bank digitally – you don’t need to be a tech wizard to bank digitally and the benefits include security, convenience and in some cases, no fees. All banks offer customers the capability to make safe and convenient payments via their cellphone, saving customers the hassle of dealing with cash. Other everyday services provided digitally include checking your balance and even purchasing prepaid airtime. More importantly, banks like FNB will reward you through eBucks and other incentives for banking digitally.
Swipe to purchase – card swipes are free with most banks and consumers can earn rewards on swiping their card for purchases. You can make safer payments through tap and pay functionality which allows you to complete a payment without losing possession of your bank card.
Avoid unnecessary fees – Ensure that you always have sufficient funds in your account. An attempt to make purchases or even have your debit orders rejected due to insufficient funds in your account at the time can result in additional fees being levied on your account. FNB offers their customers innovative money management tools via the FNB banking app, giving them the benefit of being able to avoid unnecessary fees.
Keep your eggs in one basket – being multi-banked can cost you more money because you are servicing two accounts and this doesn’t give you a single view of how you bank. You should consolidate your banking to ensure that you get maximum benefits at a reasonable cost.
“There is no better time than the beginning of the year to get your financial affairs in order. Getting a handle on bank fees can set you on the right path and create room for you to be more efficient in managing your money,” says Jacobs.