10 FEES AND CHARGES ON SAVINGS ACCOUNT

Charges in banks are autonomous we can’t do without it but it can be reduced. banks do charge for the service they provide. Be it a private bank or public sector bank they have all their own set of fees and charges for the service they have rendered. However, private bank charges are high when compared to public sector banks. But when we consider the quality of service, private banks top the list.

Here are some various fees and charges involved when you have a savings account:

1) Average quarterly balance: If we have a savings account or current account we need to maintain minimum balance in the account as per the account you hold. Minimum balance differs in case of different accounts.

2) Debit Card Fee: Some banks charge additional debit card which is requested due to damage of loss of card. The amount varies from N1000 to 1500 depending on the card. Banks also charge in case you request add on cards for family members.

3) ATM Transactions: If you use the ATM machine to undertake transactions more than 3 times a month, you will be charged N65. However, try using your ATM Card with your bank to avoid this charges.

4) SMS And Email Alerts: Bank charges per quarter for SMS alert around N4 per message.

5) Statement of accounts: Request beyond the regular free statement will cost you around charges per page for old entries. However, it is better to take print out from the net banking regulary or save the same.

6) Cheque bounce: usually, in cheque bounce case the penalty is levied on both the members. The charges may vary. do not issue a cheque to a third party if your account is not funded to avoid this charge too and your credit score or rating.

7) Stop Payments: If you have issued a cheque and you want to stop it due to loss or anything you will be charged per instrument up to 3 leaves and to avoid this too ensure your checkbook is safe and secured.

8) Reset Password/PIN number: Internet banking pin (IPIN) re-generation if the requests received is placed at the branch for physical dispatch. Debit card pin will cost you around N1000.

9) Insufficient Funds: Transactions declined at other bank ATMs anywhere in the world or at a merchant outlet due to insufficient funds will be charged at per transaction plus service charge.

10) Closing of an account: Banks do charge for closing an account early as they would have incurred some expenses to open an account which includes providing cheque book and other documents along with your welcome kit. If you close your account within one year normally a bank cannot recover the cost of opening an account.