*This is a sponsored post
As the “financial manager” of the household, I do a lot of banking transactions. In fact, all my current accounts, savings account and credit cards are spread over several banks. You know, this thing about not putting all the eggs in one basket. Therefore, internet banking has been a real blessing. I can avoid all the hassle of traffic jams, parking woes, long queues with my two young kids in tow. Now I can say I do almost 99% of my transactions online. Most banks are encouraging account holders to take advantage of internet and phone banking. With this much automation, banks’ overhead costs should be less as they save on human resources. However, it is a pity that most banks are not lowering their charges but instead many are increasing it citing many excuses.
Most account holders do not usually question the rationale behind the bank charges. Most just accept it as part of the deal. This eye opening article titled “Bank Charges - Fair Or Unfair – Who Decides?” which explains why bank are over charging the account holders. In fact, the Office of Fair Trading has deemed the bank charges and credit card fees are unfair and called for bank charges refund to all account holders. This is very encouraging as consumers, we have to take the lead so as banks do not do as they like.
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