More now than ever it is important to make sure your bank is not charging you unnecessary fees.
The banking landscape is very competitive, and it should be very easy to find fee free or minimal fee bank accounts for either personal banking of business banking.
Common Fees Charged by Banks
Monthly Bank Fee
These can range from $5 – $30 per month. If you have a few bank account’s these fees can really add up over the year. For example, a fee of $10 per month equates to $120 per year, per bank account. For personal bank accounts it is easy to get fee free accounts, so you should not be paying any fees on personal transactions accounts. For business accounts it is normal to pay a bank fee, but make sure you shop around and get the most features for your monthly fee.
Weather it’s a fee for making a Bpay payment or paying by cheque or even uploading a bulk ABA file from Xero of MYOB. You should not be paying these fees and you should contact your bank and renegotiate these fees.
In a recent example, a fee was being charged every time they uploaded an ABA file to pay wages, these fees were excessive and with some research found if they paid a flat fee of $8 per month they would be able to upload unlimited files instead of $6 each time. Over the course of a year this can add up to a substantial amount.
Whilst a $10 a month charge or a $1 transaction fee here and there might go un-noticed they can really add up of the year and over a 10-year period these fees can add up to thousands of dollars and by making a simple phone call or dropping into a branch and renegotiating your fees you could save a substantial amount of money.
Bank Accounts with No Fees
See the link below for examples of bank accounts that do not have fees attached to them according to choice.com.au