Cut costs by doing digital banking
As economic circumstances continue to put pressure on disposable income, one of the easiest ways that consumers can stretch their budgets is by taking advantage of digital and electronic banking channels to reduce costs.
Ryan Prozesky, FNB Consumer Core Banking CEO, says small and gradual changes in banking behaviour have proven to help consumers cut back on expenses in the long term.
“We are continuing to see a positive increase in the number of customers who benefit from the convenience and cost effectiveness of using digital and electronic banking channels.”
Know what your bank offers
Always take time to familiarise yourself with the services that your bank offers on various digital channels. This information is easily accessible through bank websites and various marketing material, such as newsletters.
Before going into a bank branch or approaching a consultant, first check if the activity cannot be performed on digital or electronic channels. Most transactions performed on these channels are free of charge or attract lower costs.
Instead of withdrawing cash to purchase necessities, swipe your card, as it is safer than carrying cash.
Check whether your bank offers unlimited card swipes at no additional charge regardless of the amount.
Check your statements regularly to see if there are additional charges on your account. This can help you identify if you have a banking behaviour that is costing you more through additional bank charges.
For example, some customers still prefer going into a branch to get bank statements which is costly compared to collecting them through ATMs with Automated Deposit Terminals (ADT), email or online banking.
Pay attention to pricing changes
Banks often review their account fees annually offering you a breakdown of changes and adjustments. It’s important to understand these fee changes and how they impact.
Lastly, never choose a bank account merely on its monthly administration costs. Base the decision on your transacting need. – Moneyweb