How to Choose a Bank

Before choosing a bank, visit branches of several banks and ask for brochures listing their services and fees. Or take the speedy option and access all this information online, so that you can compare services.

Every bank charges different fees for common services such as maintaining accounts, issuing credit cards, cash withdrawals from an Automatic Teller Machine (ATM) that is not part of the bank’s own network, direct debits, bank transfers, etc. Some banks’ fees are much higher than others, so don’t get caught, find out beforehand!

Make a list of the services that you expect to use regularly and compare the costs involved. In the end you’ll save money and avoid the time-wasting inconvenience of making a wrong choice.

Make sure you compare accounts or services on the same basis. Is Internet banking available? Are fee-free transactions included? If so, how many? Is there a monthly charge? Is there a fee for a service you use regularly, such as sending money interstate or overseas, and if so, what fee is charged?

Be especially careful regarding fees charged if you overdraw an account without prior approval, or when a direct debit is refused due to insufficient funds – the fees incurred can be ridiculously high.

Do your utmost to not exceed your credit card limit. Credit cards attract high-interest fees, which can waste a lot of time to sort out, so keep this in mind when you discuss your credit limit with your bank.

The more transactions you can do yourself securely via the Internet or using phone banking, the more time you’ll save.