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Bank fees: how to avoid them

Published on November 12, 2015 1:20 pm, by

Overdrawn fees, late payment fees, they sting!  Why pay them when with a few simple measures you can make your payments on time and put that money in to savings instead?

The cost of bank & credit card fees

Research tells us that 10% of MoneyBrilliant users pay overdrawn fees on their bank accounts.  The average user is charged 3 times per month at a total spend of $27.26, annually this is $327.12.

6.6% of users with credit cards pay late or overdue fees averaging $23.25 per month, costing $280.20 annually.

If you pay both you are losing $607.32 every year.  Your bank loves you!

How MoneyBrilliant can help

Identifying how much you’ve paid in fees is as simple as checking your spending reports.  The total fee amount for the period will be displayed, and you can click on it to get a breakdown of amounts and dates.

By using Alerts in the app, you can be notified when your balance falls below an amount of your choosing.  You can be alerted if you are charged a fee.  You can be reminded that you have a bill (or credit card payment) due.

If you have an iPhone use Safe Spending to help manage your spending.  By having your bills “taken out” before you spend, you will be able to spend without stress and have the money left to meet your commitments.

We can help you avoid fees and put that money in to your savings.  Depositing just $50 a month in to an account paying 2.00% compound interest over 10 years will give you $6,697.  Better in your pocket than the banks.

What are you waiting for?  Head to MoneyBrilliant and set up your alerts.

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Jen is an experienced banking professional who loves wine, coffee, finding a bargain and of course her three beautiful children. Since Jen's first budget led her to buy a home at 20, Jen has passionately helped others to make better decisions with their money.

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