6 Tips to Help You Get Smart with Your Bank Account

Wednesday, April 11, 2018, 6:00 PM | Leave Comment

If you are all about being financially savvy, one thing you can do is to explore everything that your bank can do for you.

It is highly likely that you have only scratched the surface when it comes to the personal banking services available to you (especially if you had only chosen your current bank because it is the same one your family uses).

However, if you feel that it is time to take better control of your finances, then your next move should be to change the way you think about banking. You could even consider looking around for a different bank – because for certain, not all financial institutions are created the same.

To help ensure that your bank only serves your best advantage, here are six easy yet smart banking tips to keep in mind.

  1. Compare banking fees and interests when choosing a bank

    Service charges, interest rates and other fees are always different for every bank. When choosing the bank to entrust your money to, it’s best to find out how much the bank earns from your business as well as how much you earn from it.

    A money-smart person will not be content with earning just 0.01 percent from their savings account. Likewise, any financially savvy individual will not be satisfied with getting deducted a service charge that is higher than the other banks’ month after month.

    So, take the time to visit different banks and even go online to conduct a comparison game. This way, you can determine which bank truly provides the best deals for its clients.

  2. Observe a bank’s customer service system

    In this busy world, your time is money. So your bank should be ready to help you with your concerns in the timeliest fashion.

    The ideal setup is for a bank to have different platforms for customer support, such as:

    Aside from determining if a bank offers these customer service channels, take the time to evaluate their customer service representatives. For instance, do they have a warm, welcoming and helpful demeanor that puts you at ease as you express your concerns or voice your queries?

    All these details matter because when a bank has a helpful and friendly customer service department, you are able to gain a better understanding of the products, services and processes that you need, and can thus avoid making costly or disruptive mistakes with your transactions.

  3. Inquire about how you can get fees waived

    Fact: The fees and service charges paid by bank clients help significantly in keeping the institution operational. However, you don’t always need to pay them all.

    It is possible for you to save money by talking to a banking representative about waiving certain charges. There is no harm in asking, especially if you are a client who now has a solid standing with the bank. This may also be something the bank can consider if you are getting charged for something brought on by a simple misunderstanding.

  4. Keep your eye on rewards

    Most major banks offer rewards programs which turn your purchases and other financial activities made possible by your credit or debit card into valuable gifts. An example is ADCB’s TouchPoints Rewards Program that lets you earn points from simply engaging in various banking activities such as taking care of your bill payments, or even as you read about the program on their website for the first time.

    If you really want the best bang for your money, you should evaluate how “rewarding” these programs can truly be.

    Rewards programs offer everything from flier miles with international airlines to free products and services from global brands. If you choose a bank with a great rewards program for clients, you can score a lot of freebies and save a huge amount of money on items and services such as home appliances and hotel accommodations.

  5. Set up bank alerts or notifications

    Instant bank alerts and notifications received through the phone are known for being a lifesaver for your bank accounts.

    When you get a timely report on every transaction using your debit or credit card, you can take the necessary action against yourself (to prevent yourself from making more purchases than you should) as well as against fraudulent activities.

    Likewise, it provides you the peace of mind that your important transactions actually came through, such as the payment for your electric bill or your mortgage.

  6. Provide a very specific name for your bank account

    Erin Lowry, also known as The Broke Millennial, swears by this tactic in helping herself stay on top of her savings. Most banks have no issue changing the name of your bank account into something that is completely meaningful to you.

    For example, if you are saving for your wedding, you can name it “For When I Turn From Mademoiselle to Madame.” You can use a similar tactic for other situations such as if you’re building funds for international travel or working toward an early settlement of a personal loan.

    Doing so helps you by setting up a psychological block to your spending. This simple strategy will help you gain a more thoughtful perspective on the things you want to save money for.

There you go – just some of the smartest tips for getting the optimal benefits from your chosen banking institution. These are all quite easy to implement, and once you start using these, you can surely become more open to other ways to further improve the way you bank.

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