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 banking charges.
Ryan Prozesky, FNB Consumer Core Banking CEO, says small and gradual changes in banking behavior have proven to help consumers cut back on costs 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.
Prozesky shares tips on how customers can reduce banking charges through digital and electronic channels.
1. 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.
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2. Use self-service channels whenever possible – 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 often free of charge or attract lower costs.
3. Swiping your card – instead of withdrawing cash to purchase necessities rather 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. In addition, most banks’ loyalty programs give customers rewards back for swiping their card.
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4. Check your statements regularly – go through your statements on a monthly basis to check if there are additional charges on your account. This can help you identify if you have a banking behavior 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.
5. Pay attention to communication on annual pricing changes – banks often review their account fees annually offering you a breakdown of changes and adjustments. It’s important to thoroughly go through and understand these fee changes and how they impact the way you transact.
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Lastly, never choose a bank account merely on its monthly administration costs, rather base the decision on your transacting needs to avoid incurring additional charges. For example, on a pay as you use structured account you may be charged extra everytime you make a transaction, while on a bundle offering you are able to perform multiple or unlimited transactions without incurring additional charges.
