Clever ways to avoid bank fees
The only thing more annoying than bank fees is paying one you shouldn’t have been charged with. While many of us will just shrug it off as “just a few dollars,” those small amounts of money can quickly add up to tens and hundreds if they are applied every month.
On top of that – once they’re charged it takes a bit of work to fight for them to be waived. But it is important that you do in case you’ve ever been charged in error. If you have a good track record, it’s also worthwhile even asking for a legitimate fee to be waived.
Michelle Hutchinson, spokeswoman for finder.com.au says, “Don’t give up.”
She warns it may take a few tries before you find the right person to help you claim back unfair fees. Instead of asking a teller in a branch or a call centre, go straight to customer complaints, she says.
“Tell them your problem: you’re not happy that you’ve been charged a fee, ask them to waive it,” she says.
If your complaint is that you were charged unfairly, they made need an explanation in writing or copies of past statements to prove that the charges have been levied.
Some accounts may require you to deposit a minimum amount each month or they’ll charge a fee. Check back over your statements and prove that you were depositing the required amount and they should refund you.
You can easily access your past statements online through online banking. These statements are free to access and go back for the last seven years. If you ask your bank for past statements, they may charge a fee; so try to avoid the paper route if you can.
When dealing with banks, always check your statements. If you ever see a fee that you don’t understand, call the bank and ask about it. If you’re unsatisfied with their response, you can lodge a complaint with the bank. They will have 45 days to respond before you are able to go to the financial ombudsman.
Related links:
7 ways to teach your grandchildren the value of money
How to save $1,000 without even realising it
Places where you SHOULD ask for a discount