Saving Tips

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 :

1. Before opening an account, make sure that there is an accesible ATM Machine on location where you always hangout.
2. If you cannot choose the Bank, you might as well just use your ATM card to buy from department store or in groceries.
3. Pay via online. Check for the site of the common expenses which you are paying like telecom, electrical and more.
4. Apply for auto debit on your bank so it will just be debited to your account instead of withdrawing and paying.
5. Always withdraw in Maximum. Withdrawing in small amounts in the span of 1 month will mean more bank charges.
6. Avoid Balance inquiry fee by using mobile banking applications (most of the major banks have this service).
7. Before withdrawal make sure that you already knew on where to spend your withdrawn money.
8. Make balance inquiry using your online account.

More Information: Bank Fee from BSP Website (.pdf)

If you have more suggestion let us know and we would be happy to add your suggestion.