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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.

09 Cleverest Ideas to Save Money in Your Home Renovation Project

By admin

On June 25, 2022

In Loan

You may be on a stiff budget or planning for a major home remodelling. The overall cost of this undertaking can easily go out of control if you don’t manage it well.

The price of remodelling is one of the biggest household expenses. Many people take a home improvement loan to fund it, as using savings for a bulky project is not good for financial well-being.

A house renovation not only enhances its overall look but also increases its worth when you sell it. It converts your home convenient to live in while it speaks your style.

A renovation project can chunk out more money than you have anticipated because even the tiniest costs keep adding up. Also, sometimes you fall into temptation without realizing the impact it can do on your renovation budget.

Suppose you don’t want to add more burden on yourself and avoid draining your finances. Then you have to come up with a strategy that helps you not go beyond your budget while achieving your remodeling goal.

How to carry out a home remodeling on a tight budget?

Once you are in the process of remodeling your house, not only significant updates but also the smallest extensions can get super expensive if you don’t pay the needed attention in this undertaking.

Suppose you don’t want to fall short on your money in the middle of the remodeling project. Then try focusing on saving the money before even beginning with the project.

Here are some of the cleverest ideas that can save up money on your next or current home renovation project.

Estimate the cost early

Before you begin your remodeling process, the first vital step is collecting the estimates. You can estimate a rough calculation or approximate it, and this step can help you make essential decisions in the process.

You should know every basic before you start renovating your house. Knowing every basic will help you find out all the hidden costs and do the modification according to your budget and remodeling plan.

Select simple designs

Designs that are curvy, trapezoids, and triangles are often difficult to construct. The more complex design you choose, the more funds you will need to pay your contractor.

Suppose you would like to save money on your remodelling project. Then consider choosing a less complex shape like rectangular or square flooring. Try to avoid cathedral ceilings and other complicated roof designs.

Choose small

If you evaluate the cost per square foot, a big home can be very expensive to build. A big house means there will be many plumbing and heating work.

Choosing a small building is highly affordable and very economical to conserve. A small house can also look astonishing if your contractor possesses the expertise in the field. You can also share your ideas. Read books that contain designs that are easy to afford and make a tiny space appealing.

Go for tall

Don’t just build a single-storied home with an extended basement. You may wish to construct an affordable house and then opt for a compact one. Consider building a multi-storied or tall house that offers ample space with a smaller roof and basement.

The cost of plumbing and ventilation is often reasonable in such tall houses. The initial cost of building a multi-storied house might be expensive, but you considerably lower its maintenance in the longer run.

You will need a lift and scaffolding in a tall building. Keep these costs added to your renovation budget if you want to go for a tall shape.

Don’t opt for phantom space

When you start building your house, you will, of course, check how much space it has and what you are paying for. Find out how much area is needed for living, garage, insulation and attic. Check if the mechanical system is separated from the floor space.

Whenever you receive the first draft of your new house, go through it carefully and see if everything fits well geometrically.

Deciding cabinets

Cabinets made with solid wood not only look elegant but also are very inexpensive to give any space a designer look. You can also opt for open, stainless steel, painted or even a mix of all for home office, kitchen, and bathrooms.

Recycled materials

Using a recycled or already used building material can save up a lot of costs in your home renovation project. Materials like steel, straw panels, and cement composite can help you to lower the cost.

You can also use the light fixture, windows, lumber, doors, fireplace mantel, architectural details, and plumbing fixtures. This way, you will considerably save money on these things if you buy them first-hand.

Choose energy efficiency

If you choose energy-efficient appliances and insulation, you will save a lot of your money in the long run. You can also install solar panels to lower your energy bills. Insulation is very beneficial when there is an extreme change in the climate. But the cost of installation doesn’t come cheap.

You can opt for a money lender to fund this installation. It is a one-time investment that will provide n-number of energy benefits in the future as long as there is the sun.

Finish yourself

You don’t need to be an expert to do some tasks in a remodelling project. You can call your friend and family to help you with some doable jobs like painting, drilling, gardening, etc.

Final thoughts

When you take up a home renovation project, make sure that you don’t get tempted to do modifications right in the middle. This can elevate the total cost of the project, making your budget suffer.

Once you draft a plan with a budget, ensure that you stick to it and follow these money-saving tips when renovating your house from scratch. These clever ideas will help you save a considerable amount of money so that you don’t fall short in the middle of the project. Check out loans lender in the UK : Arbitrage Loans

Everything you need to know about cash investment before investing money

By admin

On September 25, 2021

In Loan

Have you ever heard of cash investment? Do you want to earn a higher return even after having the ease of liquid funds? Then cash investment is the best idea to save money and earn a good return at the same time.

Generally, people who do not want to risk by investing money into the share market are the best investors of such investment policy. This investment offers low risk and even risk-free funds where you can invest money. Cash investment has become famous among those intermediate investors who do not like to invest in high-risk funds.

So, let us know everything about this investment plan to proceed with this plan properly.

What is cash investment?

Cash investment refers to plans where one can easily deposit physical money instead of transferring it from a bank account. The main motive of such an investment plan is to keep on liquidity while earning extra money in the form of return. Besides, the investment is secure as the shares or stocks associated with this plan does not offer high risk.

These special types of investment fulfil the requirement of quality return at the same time. You can easily enjoy a high return as the fund invested in this specific plan is generally invested within the money market. So, if you are looking for an investment plan through which you can earn a good amount of money, then apply for cash investment.

Usually, people used to make investments for fulfilling their financial goals. However, one can easily apply for small loans to fulfil his financial goal instantly. With easy repayment, he can also turn the outstanding amount zero.

However, apart from that, one can also fulfil his problem by investing money for a particular period. Such cash investment offers the benefit of short term investment. This type of investment is often known as T-bills or Treasury notes.

Working process of cash investment

If you keep a particular amount of cash within your hand, it will not increase over time. Rather, due to the ups and downs of the market, the currency’s value will come down. So, if you do not want to lose the value of your hard-earned money, then try to take the route of investment.

There are various types of investment plans, and one needs to choose as per his suitability. But some people do not wish to invest money for a long time. In that case, one can choose short term investment. Even then, there is some lock-in period for such an investment plan.

Now, this new type of investment plan can drive out the problem of liquidity and offers the benefits of investment to a great extent. It is just like keeping cash in your wallet and using it whenever required. Moreover, such an investment plan saves the fund of a person from the effect of inflation.

Even during inflation, there is no question of dropping down the value of money if the fund is invested under cash investment. On the other hand, before investing money in this investment account, an investor can easily personalise the fund as per their ability. Nowadays, so many banks are offering the facility of cash investment so, you may choose one by analysing the rate of interest.

Benefits of cash investment

The only common purpose of investment is achieving a financial goal. Generally, investors who used to invest money in the share market fix some goals in life, set a period, and then invest money. In this case, their purpose of investment is to fulfil that financial goal within the given period.

Whereas other investment types do not offer liquidity and high return simultaneously, this cash investment offers both. Even the return can be earned within a short period. For instance, if you are about to buy a car, you certainly need money.

So, there are two ways open to you. One is to borrow car loans online, and secondly, you can easily save money in an investment plan and buy the car after 3 years. It is one very common way to fulfil the financial goal of life. Apart from this, such an investment plan also has some other benefits.

Fulfils the requirement of an emergency fund

There is no reason to think that you will not have enough money in hand after investing in cash investment. One can easily withdraw money anytime from the investment account. For this reason, if there is an emergency and you cannot pay the fees, withdraw money without any worry.

· The facility of partial withdrawal

Such an investment plan offers the facility of partial withdrawal of money. Partial withdrawal means the percentage of the amount you want to withdraw from the account. The main reason for such ease of partial withdrawal is, it has been observed that many people often do not want to utilise the entire amount. However, when one invests money in cash investment, then he can easily withdraw funds during any necessity.

Rather, they can fulfill the entire requirement within a few amounts to mitigate the shortage. However, you can easily partially withdraw the rest of the amount within the bank account to earn interest.

Therefore, these are some advantages of the cash investment plan. Certainly, you can go ahead with this plan and invest the money as much as possible.