QUES­TIONS TO ASK

CityPress - - Business -

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.

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