Are you wasting money on BANKING FEES?

Often, we do not see petty amounts of money flowing out of our banks. But in this case, we’re looking at simple banking fees that contributes to our increasing debts and making us not able to pay for our home loan in Malaysia.

The banks know that us humans, are always reckless — At least not all the time, but we do. As we understand that humans are not entirely perfect (although you claim you’re a perfectionist), they know that one way or the another, there’s a way to make money out of your coffers. If you understand the ideology of debt/finance management, eventually you’ll notice that you can save up to so much that you can even pay for your mortgages so easily.

ATM fees and bounce cheques are always on the high-hit. You know that there’s always a possibility of you wasting some Ringgit on the go. Despite our natural ways of planning our money, time and management so well, we tend to fall back to certain services at times.

Banking fees are avoidable if you plan ahead. Here are some examples:

  1. Bounced Cheques – RM10 – RM100/bounced cheque
  2. MEPS fee – RM1/transaction
  3. Excessive withdrawals (more than 4 times in a month) – RM0.50/transaction
  4. Monetary transfers (other banks) – RM1.00/transaction
  5. Online banking payments – RM1.00/transaction
  6. Use of external payment stuff (Paypal) – 3-5% of total money transfer/transaction

For more banking efforts help and home loan advices, be sure to call financial consultants to get your financial consultation for FREE!

For a change, you could use these tips to plan ahead and avoid these monetary wastages:

  1. Avoid bouncing cheques by balancing your chequebook every month when your statement arrives. For more information about balancing chequebooks, please refer to financial consultants.
  2. Track your use of debit cards – They may be your problems for bounced cheques. Often, insufficient money. Track and remember balances, and also banking rules that require a certain amount of money left in your card.
  3. Analyze your bank fees and write them down in your accounts book. Remember to pay in time to avoid interest — Banks in Malaysia now offer great giveaways for early payments.
  4. Plan your finances ahead to avoid using MEPS – They are a waste of money. Use them only in emergency use.
  5. Avoid purchasing online too much — Most of the things you’d want can be bought at your local store. Should you want to purchase anything unique, niche or rare, make sure your transaction is worth your buy.
  6. If you opt an interest bearing checking account, paying around 0.3%, you’re bounding yourself in approximately RM2000 or more that could be earning as much as 5% in a better account (choose your banks and read the fine lines, again).
  7. If you do not have the time to run to the bank to make your payments, paying online is fine — But keep in mind the transaction fees, they could be your biggest takeaway. Find your local bank that opens during the weekends or ask someone to run your cheques or so for you.
  8. If you can instruct your office mates to help you out with your banking needs, get them to do it. And for in-house cheque bankings, it can only take up to one day before your money enters the bank. Ask your HR Dept. for in house cheque banking.

Hope you’re well informed.

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Malaysia Loan

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