1. Draw money at the till
Drawing money at the till is a sure way to save on banking charges.
2. Check your balance online or on your app
ATM balance enquiries cost R4 to R5, whereas those made using an app or online banking are usually free.
3. Get a low-cost bank account
When people hear "lowcost", they tend to think of an inferior product or service – that's not the case with bank accounts. With the general push away from branches and towards digital banking, some low-cost bank accounts perform just as well as a regular account but at a fraction of the price.
4. Pay on time; avoid having debit orders rejected
Debit order rejection charges are amongst the highest bank fees you can incur – R25 per R100 at some banks.
To avoid these charges, ensure there's always enough money in your account when your debit orders go off. Arrange for debit orders to be made soon after pay day.
5. Be aware of variable withdrawal charges
If you must withdraw from an ATM, remember the cost of a withdrawal sometimes varies according to the amount withdrawn.
Shirley Smith is COO at Old Mutual Finance
This was first published on Old Mutual Finance's blog
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