Easy ways to avoid everyday banking fees

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MANY banking customers are paying unnecessary fees by spending cash on their day-to-day accounts they could easily avoid.

Once signing up to a transaction account at a young age customers often stick with that bank for life, so switching institutions seems to be a job thats shoved into the too-hard basket most customers dont want the hassle of switching over all their direct debit and credits to a new institution.

FIND a cheap transaction account

But analysis from InfoChoice found there are more 88 transaction accounts on the market that are fee-free and account holders do not have to meet any conditions to avoid fees.

But there are another 54 accounts available that are only fee free if you meet certain conditions, so it pays to find out what suits you best.

InfoChoice spokeswoman Laura Crowden says many transactions accounts require minimum deposits a month to escape any charges.

When it comes to everyday transaction accounts, there are so many fee-free options available that there really is no need to be paying a monthly account fee for your everyday banking,’ she says.

Make sure you understand whether your everyday account is completely fee-free or is only fee-free if you meet certain criteria such as depositing more than a particular amount each month often around $2000 a month.

She says if you dont meet these conditions often youll have to pay a fee around $5 a month to have an account.

Moving a day-to-day transaction account became made a lot easier when the federal government introduced the tick n flick program in 2012.

The scheme allows a person wanting to switch banks to visit their new financial institution, give details of their previous bank and the new provider takes care of shifting across all of their direct debits and credits from the past 13 months.

Free ATM fees are also an important thing to consider when signing up to an everyday account as many institutions offer no charges for ATM use.

ING Directs executive director of customers, John Arnott, says bank fees remain a huge frustration for people.

Some transaction accounts have monthly fees up of as much as $5 or $6 per month which can really hurt your hip pocket particularly when coupled with ATM fees, which the average person wastes around $50 on each year,’ he says.

It comes down to taking some action its your money, so dont be wasting it on unnecessary fees.

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