Most of us now have a bank account. Almost all of these accounts now come with a debt cum ATM card. But have you ever asked your banker how much free transactions you have in a month? Do you know what the charge for using your debt cum ATM card after your free transactions? If you do not know these answers, you might already be losing money.
Most normal accounts have only 5 free ATM transactions in a month. Not to forget, free transactions consist of both financial and non-financial transactions. Non-financial transactions include services such as balance enquiry, changing the ATM pin, mini statement, and booking a Fixed Deposit. Cash payment, cash withdrawal and the like will come under financial transactions. The policy also stated that once the number of free transactions has been utilised by the customer, a nominal fee will be charged per transaction which will be decided by the bank. The maximum fee that can be charged per transaction is Rs.20.
Most normal accounts have only 5 free ATM transactions in a month. Not to forget, free transactions consist of both financial and non-financial transactions. Non-financial transactions include services such as balance enquiry, changing the ATM pin, mini statement, and booking a Fixed Deposit. Cash payment, cash withdrawal and the like will come under financial transactions. The policy also stated that once the number of free transactions has been utilised by the customer, a nominal fee will be charged per transaction which will be decided by the bank. The maximum fee that can be charged per transaction is Rs.20.
How can you avoid ATM transaction charges?
When we’re in need of quick cash, most of us rush to the nearest ATM as a matter of habit. With ATMs in nearly every location, convenience plays a part as well. However with the new changes in ATM transaction charges, making multiple trips to withdraw cash or check your balance will cost you over the long run. Here are tips to avoid having to pay a hefty charge:
Reduce the number of times you need to withdraw by swiping your card instead of paying cash. A number of merchants and vendors now use card readers, saving you the trouble of finding an ATM and the transaction charges.
Pay your bills online. Move with the times and make your bill payments directly from your bank account.
Save your free transactions for withdrawals only. Make non-financial transactions like balance enquiries, mini statements etc., through facilities such as mobile banking.
Make use of your bank’s online platform to conduct financial transactions. You could download their banking app or use their online/ net banking feature.
Using the above tips will help you save on charges and save your free transactions for emergency cash withdrawals without having to pay the hefty fees now associated with them.
Reduce the number of times you need to withdraw by swiping your card instead of paying cash. A number of merchants and vendors now use card readers, saving you the trouble of finding an ATM and the transaction charges.
Pay your bills online. Move with the times and make your bill payments directly from your bank account.
Save your free transactions for withdrawals only. Make non-financial transactions like balance enquiries, mini statements etc., through facilities such as mobile banking.
Make use of your bank’s online platform to conduct financial transactions. You could download their banking app or use their online/ net banking feature.
Using the above tips will help you save on charges and save your free transactions for emergency cash withdrawals without having to pay the hefty fees now associated with them.
About the Author
JOSBIN ITTY, an Economics graduate from St Berchmans College, Changanacherry is a motivational speaker, personality development trainer, reader, blogger and a travel enthusiast. He is currently working on his first novel which is expected to be published soon.
Find him on Facebook: Josbin Itty
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