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The Latest Debtfree DIGI

Thursday, January 29, 2009

Compare bank charges

One of the hidden day to day costs lies in your monthly banking fees. Each time you use your card or draw money or deposit money it costs you. So try to cut down on these costs.

The importance of shopping around:

You compare prices at the shop don't you? Maybe it is time you did that with your bank charges as well.

If you were to switch from a bank charging say R50.00 per month in account fees to one charging R2.50 that would mean a saving of R570 per year.

(Industry note: This amount per month could, in some cases, be used to service an existing un-restructured debt amount of up to
R3 500.00/month)

Some banks are cheaper than others

One bank charges a "once-off" Internet banking charge of R120.00 and never charges for Internet banking again, as opposed to many other banks that charge up to R20.00 per month
A switch could eventually save you R240.00 a year

(Industry note: or in some cases a possible repayment on an un-restructured debt of up to R1 500.00/month)

A R67.50 saving monthly can contribute to repaying your debt sooner.

Happy bank shopping!

1 comment:

  1. Thanks for the advice. I am going to get my bank slip now and see how much i am paying.