The petrol price has gone up, and the cost of living in general is increasing at a rapid rate. We’re all looking for ways to curb expenses. One of the easiest ways to save is to manage HOW you use your hard-earned cash…

Are you making unnecessary and costly cash withdrawals? Rather use your card. Are you checking your bank statement regularly for suspicious transactions? You could be paying for something that you no longer subscribe to!

Ryan Prozesky, FNB Consumer Core Banking CEO shares tips on how customers can reduce banking charges through digital and electronic channels.

Know what your bank offers

Always take time to familiarise yourself with the services that your bank offers on various digital channels. This information is easily accessible through bank websites and various marketing material, such as newsletters.

For example, FNB’s website has a number of step-by-step demos on a wide range of transactions, from personal to business accounts that can be performed via Online Banking, FNB Banking App, Cellphone Banking and ATMs.

WIN a R 2,000 Woolworths Voucher

Subscribe to our Free Daily All4Women Newsletter to enter

Use self-service channels whenever possible

Before going into a bank branch or approaching a consultant, first check if the activity cannot be performed on digital or electronic channels.  Most transactions performed on these channels are often free of charge or attract lower costs.

Swiping your card

Instead of withdrawing cash to purchase necessities rather swipe your card as it is safer than carrying cash. Check whether your bank offers unlimited card swipes at no additional charge regardless of the amount. In addition, most banks’ loyalty programs give customers rewards back for swiping their card. This year FNB has introduced rewards on all debit card spend.

Check your statements regularly

Go through your statements on a monthly basis to check if there are additional charges on your account. This can help you identify if you have a banking behaviour that is costing you more through additional bank charges. For example, some customers still prefer going into a branch to get bank statements which is costly compared to collecting them through ATMs with Automated Deposit Terminals (ADT), email or online banking.

Pay attention to communication on annual pricing changes

Banks often review their account fees annually offering you a breakdown of changes and adjustments. It’s important to thoroughly go through and understand these fee changes and how they impact the way you transact.

Choose your account carefully

Lastly, never choose a bank account merely on its monthly administration costs, rather base the decision on your transacting needs to avoid incurring additional charges. For example, on a pay-as-you-use structured account you may be charged extra every time you make a transaction, while on a bundle offering you are able to perform multiple or unlimited transactions without incurring additional charges.

A pay-as-you-use structure would be best suited for a customer with a low number of monthly transactions, while bundle offerings are best suited for those with a higher number of monthly transactions. Make sure that you chose a bundle with the most appropriate number of transactions included in the bundle, based on your monthly transactional needs.