Today I will be discussing some savings tip to our readers. Did you know that there is a monetary charges because of using your ATM Card on different bank? As a result, you are being charge an amount from Php 2 to Php 15 for doing balance inquiry and withdrawal. So if you are getting your salary twice a month, chances are you are doing balance inquiry and withdrawal twice a month or 24 times a year. See below computation for bank service fee for a year:
Php 17 x 24 times = Php 408
Computation above shows that you are spending Php 408/year for nothing which you can save if you are going to withdraw from the same banks as your ATM cards. The above amount is enough to buy for your 2 meals in Jollibee.
Here are some savings tips to prevent ATM bank service fee :
- Before opening an account, make sure that there is an accesible ATM Machine on location where you always hangout.
- If you cannot choose the Bank, you might as well just use your ATM card to buy from department store or in groceries.
- Pay via online. Check for the site of the common expenses which you are paying like telecom, electrical and more.
- Apply for auto debit on your bank so it will just be debited to your account instead of withdrawing and paying.
- Always withdraw in Maximum. Withdrawing in small amounts in the span of 1 month will mean more bank charges.
- Avoid Balance inquiry fee by using mobile banking applications (most of the major banks have this service).
- Before withdrawal make sure that you already knew on where to spend your withdrawn money.
- Make balance inquiry using your online account.
More Information: Bank Fee from BSP Website (.pdf)
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