Reducing Bank Fees In Australia

Reducing Bank Fees

In recent years it has been widely reported who excessive the bank fees in Australia are and how much money the big banks are making by charging these fees. These bank fees are often disproportionately high and can easily add up to a significant amount of money. For this reason it is important that you do everything in your power to try to reduce the amount of bank fees that you are charged when banking in Australia.

  1. What To Look For Before Opening A Bank Account        Add Comments
    Before you open a new bank savings account in Australia ask them about all of the special conditions and different fees that you may encounter when using your account. Especially ask them which ATM you can use without attracting a fee, how many ATM transactions you can perform each month for free and if there are any bank fees for over the counter transactions, a cheque book or making payments online.
  2. Beware Of Bank Accounts With Overdraft Facilities        Add Comments
    A good way to reduce bank fees is to make sure that any bank account that you have cannot go it overdraft unless you specifically want it to. Many banks in Australia charge large bank fees when an account goes into overdraft and you will find that disabling this facility will stop you from being charged a fee when the funds in your account run out.
  3. Keep Your Cheques From Bouncing        Add Comments
    If you write a cheque to someone and it bounces your bank will charge you a large fee. Therefore you should make sure that you don't write out any cheques before actually checking your account balance to see if you have enough money in it for the cheque to clear. A great way to do this is to write in big, bold letters inside the front of the cheque book CHECK BANK BALANCE so that you won't forget.
  4. Beware Of The Low Account Keeping Fee        Add Comments
    One of the worst bank fees in Australia is the low account keeping fees that effectively robs you when you are poor and have little money in your account. Always ensure that your bank savings account does not have a low account keeping fee or any similar fee with a different name. This is particularly important is you are going to be making the most of other financial tips and transferring most of your money into either a high interest online savings account or your home loan mortgage offset account.
  5. Get Your Kids A Dedicated Children's Bank Account        Add Comments
    When you open a new savings account for your children it is very important that you make sure that you get a dedicated children's account. Most of the major banks provide them and this sort of account has no bank fees whatsoever, so your child's savings cannot be eroded by greedy bank fees.
  6. Pay Bills Online But Watch For Bank Fees        Add Comments
    Online banking is what all of the major banks want you to do nowadays because it saves them time and the need to employ more staff. This, however, is a bonus for you in some ways as you can reduce your bank fees by paying bills and performing bank transfers online. Just ensure that your bank does not charge a fee for paying bills online especially via BPAY or other such facilities.
  7. Phone Banking Can Be Very Handy        Add Comments
    If you get an online bank account or decide to do most of your banking online in order to save on bank fees make sure that you also set up a phone banking account as well. This way you can use your phone banking as an alternative when you don't have access to a secure internet connection, like over insecure wireless internet networks.
  8. Don't Settle For Fixed Monthly Bank Fees        Add Comments
    A lot of banks are offering customers the apparently cheaper option of rolling all of your bank fees into 1 fixed monthly fee. For some people this may be useful, but generally you will still be paying between $50-200 per year on bank fees. So if you analyze your banking habits (ie: how many withdrawals you make a month) you will be able to find a better account that has much lower banking fees or even a no bank fees account.
  9. Call The Bank To Get Large Fees Reversed        Add Comments
    If all else fails and you still end up with large bank fees on your statement then try calling the bank and asking them nicely to reverse this charge. You should always be polite to the customer service representative and simply explain to them that you are a loyal customer who just made a simple financial mistake. Sometimes just insinuating that you will change banks is enough to have a one off fee like this reversed.

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