Category: Uncategorized

What are the Bank Fee Sources Paid by a User Annually

You may enjoy the benefits of your bank interest and other services offered by the bank. But paying a fee for your savings or current account can feel like a burden. It makes you feel like you are paying money to access your own funds.

Bank offers many services such as ATM, interest on your savings etc. In case of emergency, if you have to take out money from the ATM, there will still be a fee charged by the bank on your transaction.

Or maybe you forgot to update your balance in your account, and you are being charged a minimum balance fee on your insufficient funds.

The bank account fees

You are not alone if you are frustrated by the never-ending bank fees deduction from your bank account. According to a federal report, an average bank account holder pays around £250 per year as a fee. The fees go in part payments. Hence, the payer does not realize the amount.

It is not possible to avoid particular bank fees, but you can be careful and avoid paying extra fees. Banks provide many services for which it charges fees.

One of the services is the loan service. The banks provide loans and charge different fees to them. On the contrary, many lenders do not charge much on cash loans in Dublin, there are many lenders that follow the same norms on these loans.

Ways to avoid various bank fees

If you are too paying the fees without even knowing it, check the given points to gain knowledge about the same.

ATM Fees

Surprisingly, avoiding ATM fees is the easiest one. There are many ATMs that do not charge you fees. You have to identify the ATMs that are within your network and nearby your area.

Many banks offer ATM locators from your mobile that make it easy for you to find the nearest cash machine for you.

Always ask your bank for cash back when you use your ATM for smaller amounts. This is to be redeemed only in the case of an emergency.

Many stores do not charge a cashback fee, making it free for you to access your money. Instead of using your money on ATM fees, you can use that money to buy more stuff for yourself.

Maintenance Fees

Many banks have set certain guidelines for their customers to fulfil. Upon meeting these guidelines, the banks offer to waive the maintenance fee to be charged to the customers. Some of the guidelines are:

Having the minimum balance in your account
Creating up a recurring direct deposit
Making minimum use of debit card

Knowing the minimum requirements for a monthly fee waiver can easily avoid some fees and save a significant amount of money. Also, by following the requirements on a regular basis, you can ask for a fee waiver.

Alternatively, you can have an account that has no monthly fees attached to it. Although finding such accounts is difficult, you can still find some. Such accounts are often offered to young adults and students.

Overdraft Fees

Most banks charge overdraft fees, but since 2010, the banks cannot charge overdraft fees without the customer’s consent. While accessing your account, the banks give you an option for overdraft services.

If you refuse the option of overdraft fees, your ATM will not work, and your debit card will be declined for any transaction. Even if you do not opt for overdraft service, you will still be charged an overdraft fee.

This happens when any of your payments or some huge recurring bills make your account overdrawn. For example, if you have opted for a loan facility from the bank and the interest is deducted from your account with a low balance, it can cause a problem for you.

So you have to be aware of all your deductions from your account to avoid any unnecessary fees. Alternatively, if you are looking for loans, you can consider the option of direct lenders as they offer many benefits while offering a loan to you.

Check the overdraft fees

You can get your savings to an account linked to the same bank if you want to avoid overdraft fees. If sometimes you overdraw your account limit, some banks may allow you to set up an automated overdraft service.

Although the automatic setup does not include any fee, it may sometimes include a minimal fee.

The best way to avoid overdraft fees from your bank is to monitor your balance regularly and not let it get into the overdrawn limit.

You can set up SMS or opt for bank alerts for your account balance to stay updated. You can set up these alerts to inform you of your balance going beyond a certain limit.

This is important as it will help you make informed decisions and will stop you from making purchases that your balance cannot afford.

Additionally, you can link your savings account to your checking account. Since account transfers within the bank happen instantly, if in case your balance goes down at some point in time, you can transfer some balance to that account to avoid any overdraft.

Paper Statement Fee

Paper statement fees can usually be avoided by going digital. Many banks now follow a paperless approach, and upon your insistence, they provide you with the paper statement and other details.

The banks incur more costs in generating paper statements and receipts. Sign up for paperless banking and avoid this fee.

But to get the paper statement, you have to pay this fee. So make a wise decision, and avoid paper statements to avoid paper statement fees.

Conclusion

The bank fees have been there since its inception. The fees will always be there. It is your decision to avoid the fees and manage your accounts accordingly.

You should implement good banking habits to save money on your fees. Keep a regular check on your balance and be aware of all the services and the fees incurred on these services.

Avoid any fee-triggering mistakes and have a happy banking experience.

Points that explain the significance of FinTech

By admin

On June 25, 2021

In Uncategorized

FinTech, the merge of Finance and Technology, is the king of the growing era as it makes our financial lives easier in many ways. Whether it is about available financial solutions and products from finance companies or organising our personal finances, FinTech is always there to help us. Through smart and faster ways and tools, our money management skills have improved. Certain points explain more about the strength of FinTech.

All aspects are basically the pillars

The points that you about to read below make the pillars of the infrastructure of FinTech, and they all are unavoidable. Without them, you cannot explain the concept of online financial services.

It is important to understand that all those significant points can work for you also if you exploit them correctly. When you read them, you will realise that they make the basics of technology-driven finance companies. It helps the industry complete its commitments easily because now it can serve to the customers faster and better.

Online verification to facilitate paperless procedures

The first gift that FinTech gives to us is its ability to set us free from hefty filing and documentation for varied products. From making investments to applying for a loan, everything can be done online and conveniently.

However, only the initial application process and initial approval happen online in the options like a mortgage. Obviously, later, the lender needs to do the property check. Still, it saves a lot of time if the borrowers have an initial approval in the form of the mortgage agreement.

From credit score performance to employment records, banking statements, you can verify everything online. Gone are the days when we visited banks and other financial institutions multiple times on every stage of application.

From submission of application to making visits to know the latest status of that application and submitting multiple forms for verification, conditions were so annoying.

Multiple options without any constraint of monopoly

It is one of the biggest significant points about FinTech because the market now is much more liberal. It can breathe with newer and faster options and finance companies. Now, industry giants cannot dominate the market and cannot drive the wave according to their wish.

The market perhaps cannot forget the dominance of the provident loan, which made many people compromise in their right to choose a fair deal. They had to pick the high-interest rates loans. People with bad credit situation faced too much exploitation in the form of very high rates.

Previously, the dominating finance companies affected the rate of interest in the market, which was always a reason of worry for the common people. People had no choice, and they had to choose the options due to less number of options.

This also blocked the fresh air of new and customer-friendly policies such as customisation and no hidden fees. If you consider the example given above, you can take it as freedom from dominating provident loans in Ireland. Isn’t that amazing? Explore the versatile market and pick what is actually best for you.

Speedy response and timely attainment of products

You already know the strength that this point explains. Unlike traditional banking and lending methods, this merge of finance and technology get your job done faster. The unprecedented speed of approval decision and timely attainment of a product or service keep people hopeful about a good and smooth experience.

It is only due to FinTech that people can get instant initial approval through online verification, even in long-term loans such as a mortgage. The short-term loans are available on instant approval decision.

On the other hand, you can make an instant share trading account on multiple trading apps available in the market. Similarly, all types of products are available with speedy service, which is certainly a big benefit for us all.

The conditions are getting even better because the safety gatekeepers are also stronger than ever. You can handle issues like data infringement quite fast. The timely update of systems and software ensures a better experience for the customers. When customers feel safe, the industry feels safe, and this is what FinTech wants.

The above points simply explain how vital has become FinTech for us and the coming years are sure to see better inventions in the field. We cannot forget how the people’s financial concerns across Ireland were fulfilled during covid-19 when lockdown and social distancing were the only two things to wander on the streets.

Conclusion

With the help of online financial services, people kept working on their current and future concerns. Countless applied for loans, while many applied for the payment holiday and invested money to keep the future secure and safe.

No doubt, FinTech is the future of the money-driven modern world, and we should embrace it completely as soon as possible.

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