Is your bank cheating you through bank fees?

Personal Finance  Have you ever thought that the bank maybe cheating on your savings, well this may not sound relevant especially  when you still think that the bank is doing a favour and a free  offer to save your money.

Personal Finance

Have you ever thought that the bank maybe cheating on your savings, well this may not sound relevant especially  when you still think that the bank is doing a favour and a free  offer to save your money.

Some banks encroach on your savings and cut coins to meet the charges they incur to keep your account, but remember this is done on a mutual understanding between you and the bank when you were opening the account. But did you bother to take a keen interest on charges and compare different banks?

So let’s look at how some banks may cheat you –first most banks charge monthly fees for maintaining your account, these fees are deducted from the money you have on your account, but this varies from one bank to the other while others don’t even charge.

 Most banks now are charging Rwf1000, 500, 1500, and more as monthly account charges. Such charges may affect your monthly savings. Moreover, those bank charges every time you withdraw or check your account get that mini statement all that eats deep into your savings. So what should you do?

First, understand at least all fees the bank charges that may be affecting your savings. You can do this by first inquiring from the bank before you rush to open the account, compare with different banks because some banks do not have these charges. Secondly, always make sure you check on your account to know how much has been deducted otherwise it is not always good not to keep records of how you are using your account. Most banks now give account statements on mobile phones and internet so use that chance to be safe from losing your money.

 

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