Sneaky Charges
We all have a bank account and it is just a way of life currently.
The ranges and options from all banks in SA are plentiful BUT there is just one constant – BANK CHARGES! These can be some seriously sneaky charges, like a spider lurking in the dark!
I reviewed my business bank account statement just the other day and was horrified to see the bank charges that were being levied on the account.
Which bank this is, is inconsequential because the principle holds true with all of them.
Disclaimer: these charges were all legal and no foul play was had.
I was horrified by the sneaky charges!
Although I was surprised (and horrified) at the amount it was compared to other months (or what I thought they should be), it is my responsibility to make sure I
know what they are.
On review of many sets of accounts, I have been noticing a trend with these expenses. It is going up and up! What’s more surprising is the attitude towards them from the business owners. They are just accepting of them, stating “we cannot do anything about it”. This of course is absolute nonsense.
Tips to lower these sneaky charges
Here are a few tips and tricks to help you lower your bank charges and not get caught out like I did. Greta news though – these can be implemented immediately so you can see the difference by month end or on the next statement.
- Always review your bank statement. Become more aware of the charges levied and how much you “normally spend”
- These sneaky charges are exactly that. They can sneak up on you, like they did to me.
- Ensure they are all legal. Sometimes, there may be something erroneous that is occurring.*
- Stay away (where possible) from immediate payments. These can range from R 7.50 to very large sums.
- Interbank transfers, This one got me – just under R50 to transfer to my personal account! OUCH!
- Cash deposits and withdrawals. This can be expensive – this normally gets charged with a percentage of the amount.
- ALWAYS use your bank for transactions like withdrawals. You can use others but it will cost a premium. There are so many ATM’s that an extra 5 minutes drive or walk can save you over time.
Just a few changes can save you a relatively big amount for the effort. R50 may sound a little amount but that is still R 50 more in your account!
As a business owner (or individual) you should be reviewing your statements and accounts regularly. Read more about this process here. If you would like help with this, contact us and we will help you do this.
*This is not common but If this happens, contact your bank IMMEDIATELY!
This is based on personal experience and the charges will vary from bank to bank, please contact your bank for accurate figures.
This post was published in January 2022