What it’s shown me this week is that I pay a lot of fees, to whom you ask? Nedbank. A few years ago I only had a credit card and a Savings account, I was advised that to save on transaction fees I should get a Cheque account that is my transactional account, no interest bearing mind you, because it’ll save me fees. I feel like a sucker. Great I said and you know what it is mostly good, if I only transact on that account.
What 22Seven has done is make me more aware!
Now I have questions for my bank;
- Firstly why aren’t the terms on my statement clearer, more intuitive to understand?
- What are services fees and why do I have two service fee charges to the same account on one day? and both have VAT added of course
- Saswitch fee, what is a saswitch? Is that another bank’s ATM?
- Notification fee what is that for? Do I need to think twice about whether I need that POP email? I assumed it was free. Is it a fee that notifies me when my card has been swiped?
- What is a Netbank Payment fee? do I get charged for making payments with online banking?
- Why do I know so little about this?
This is the point of it all, becoming more aware of what I’m charged for and asking the question WHY?
The little monthly things that add up in the long run. So now I’m conscious of the fees on all of my accounts and as it turns out I still pay debit order fees for the two things that come off of my savings account. Need to change this! Oh and here’s the kicker I think one of the service fees is for the garage card that I didn’t collect from my branch more than a year ago. Why do I still need to go into a branch to collect cards? Oh wait because I get charged for delivery.
If I fix these two simple things I save just under R500 a year, that’s one more nice dinner or a little more to add to the saving or add to the credit card. Do you know what your bank fees mean? Let me know.