Understand banking fees to save money
02 February 2021 | Opinion
To help customers succeed in their financial goals this year, Bank Windhoek urges them to understand their banking fees to avoid unnecessary charges and penalties. Customers who understand their banking fees can learn to manage their accounts effectively and save money in the process.
Bank fees refer to any charges by financial institutions on the personal and business accounts of customers utilised for the set-up, maintenance, and transactional services related to the account. The bank may charge these fees annually, monthly, or on a pay-as-you-use basis.
Tips to consider:
• Keep the minimum balance required for your account. This helps to avoid additional monthly fees and accidental overdraws. Customers are advised to keep track of transactions and account balances to avoid unpaid debit orders and access fees.
• Online banking platforms are more cost-effective than over-the-counter banking transactions and far more convenient. These services include Internet Banking, Mobile App, Cellphone Banking, and EasyWallet.
• Look after your cards to avoid unnecessary replacement fees for lost or stolen cards. Consider keeping all you day-to-day accounts at a single bank to avoid paying unnecessary service fees or bundled payments at multiple banks. And most importantly, make sure to minimise transactional mistakes, as reversals can be expensive.
• Look out for unique products. For example, the Bank Windhoek Selekt Gold offering delivers bundled or Pay-as-you-Go transaction fee structures, access to a team of personal bankers, personalised SelektSaver Accounts at tiered interest rates, free life, legal and funeral cover, and value-added services.
• Avoid paying additional fees by using your own bank’s ATMs, which will help you save on transaction fees.
• Know which services are free and use these instead. Bank Windhoek allows customers to open Savings and Transaction Accounts free of charge provided they meet the required minimum opening balance. The Bank Windhoek App has a free monthly subscription, EasyWallet service offers a free first daily withdrawal, and the Bank's CellPhone Banking platform offers free Balance Enquiry, Mini Statement, and free Prepaid Electricity purchase services.
Understanding banking costs, including choosing the right banking transaction, can help you save money in the long term.
Bank Windhoek offers a diverse range of banking products and services developed with the local market in mind, combined with world-class digital banking channels. These services are provided through its digital channels, a national network of branches, agencies, and Automatic Teller Machines (ATMs).
*Hayley Allen is Bank Windhoek’s Head of Corporate Affairs.