Choosing a bank account: ways of reducing bank charges

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Presentation transcript:

Choosing a bank account: ways of reducing bank charges Grade 11 Term 3 Week 6 Lesson 2

How to choose the best type of account Depends on what you need and how you bank Everyone’s needs are different Needs will change over time What are you looking for from your account? Understand your needs Look at the choices available See which account matches your needs

Opening an account Strict laws for opening bank accounts apply to stop financial fraud such as money laundering. Must be over the age of 18 to open bank accounts The Financial Intelligence Centre Act (FICA) stipulates the following necessary to open account: A South African ID document Document with person’s initials, surname and physical address to confirm the residential address

Bank charges Differ from bank to bank and covers the following: Cost of a cheque book Monthly charges for managing the account Charges for depositing or withdrawing money, calculated according to the amount and whether it is done over the counter or at the ATM Charges for exceeding overdraft limits Penalties for dishonoured cheques Cost for using stop orders and debit orders Monthly lost-card protection fees

Hints for keeping bank charges down Keep transactions to a minimum. Fees are charged per transaction Use ATM’s, telephone or cellphone banking, or online (internet) banking rather than going into a bank branch

Reducing bank charges (continued) Use EFTPOS (electronic funds transfer at point of sale) by using a cheque card, debit card or credit card instead of paying cash as it is safer, cheaper and more convenient Use your own bank’s ATM whenever possible as additional fees are charged when using another bank’s ATM

Reducing bank charges Plan cash withdrawals do not make a lot of small withdrawals Use Internet banking as staff-assisted transactions usually incur additional fees Study your bank statements over time to get a sense of the fees you are paying Ask your bank about cheapest transaction costs Link your accounts to transfer money between them Make sure you always have enough money in your account to cover debit orders to avoid paying penalties