QUESTIONS TO ASK
When you are choosing a bank account or a banking package, there are several questions you need to ask to ensure that the fees you pay are appropriate for your banking use.
Look at your last three bank statements to determine an average number of transactions carried out on your bank account each month.
Make a comparison of different bank accounts, their monthly fees as well as the number of transactions you are allowed.
Check for bank accounts that offer you a rebate on fees if you maintain a minimum monthly balance. The minimum required balance will vary between accounts and could be as much as R10 000.
Consider the banking channels you use and then base the banking account or package you choose using that criteria. For example, if you only transact online, consider an account that charges you a flat fee for unlimited electronic transactions.
Accessibility. You are more than likely going to be charged higher fees if you use a different bank’s ATM to withdraw cash. Look at the ATM network around your office and your home, and bear this in mind when you make your choice.