Saving Money: Things You Didn’t Know About Your Bank Account

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There are quite a few secrets you might not know about your bank account – and once you work out what they are, you can use this secret information to save yourself some money. For example, did you know that not all daily transaction accounts charge monthly account keeping fees these days? There is a wide range of new transaction account products such as day2day plus that can save you money if you add it to your BOQ bank account suite. These accounts operate as fee-free accounts, so saving your money costs you as little as possible – and isn’t that point of banking your cash in the first place? Below are some other well-kept secrets you might want to know more about when it comes to your bank account.

Clearing Timeframes

Find out how long your bank takes to clear various types of transactions. Cheques, for example, may take up to three days to clear, delaying the availability of funds. This may be an issue if you operate pay cycle to pay cycle – be aware that drawing on uncleared funds can incur an overdraft, or a Not Sufficient Funds fee. Ensure you only withdraw money that has cleared – this can save you over $30 per transaction throughout this clearing period. If you’re expecting any money from overseas, be aware that international money deposits also take longer to clear. Make sure you take exchange rates and any charges for exchange into account when calculating the monies you’re expecting to hit your bank balance. You don’t want to overestimate and then spend what you don’t have – that’s no way to save.

Turn Up Occasionally

Put in an appearance at your bank to get the odd fee waived or sort out an error on your account statement. It helps to front up to your nearest branch every now and then and say ‘hello’. If the tellers and managers learn your face and name they may be able to help you out when the odd error occurs. As they get to know you and your financial situation, they’re more able to give better advice regarding reducing the costs of running your accounts. You may have heard the business saying that face time is save time, and that’s as true in banking as it is in any other industry.

The Fine Toothed Approach

Who is best placed to take the best care of your bank account? That person is you. Did you know that over 80% of bank account statements contain errors in the lender’s favour? How carefully do you check your statements? Do you reconcile statements with actual funds in the account? It is difficult to do this every month, but aim to do it at least twice a year. After all, you are the person best placed to know what, if anything, is incorrect regarding your income and expenditure, and if you won’t look after your money to the best of your ability, who will?

Bank accounts are a pretty safe and easy way to store your money, but they still need a level of oversight from you. Think of the bank as a contractor you employ; every now and then, you have to check on their work.

Discovered any secrets about your bank account lately? Let others know in the comments box below.

Sarah Pinkerton

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