WINDHOEK – Make reviewing your bank account a priority this year and you will be pleasantly surprised how using your bank account smartly can benefit you.
According to First National Bank of Namibia, firstly you need to understand what bank account you currently have and what it can do for you. There are many different types of bank accounts, and if you don’t know what yours is, or what it allows you to do, this should be the first thing that you find out. “When most people think about their bank account they probably think it is a necessary means to get money in and out, but your bank account may just be the key to saving a bit of money every month this year by choosing the right account, investigating what you get with this account you may surprise yourself and end up saving,” explained FNB’s Manager for Corporate Communications, Vicky Muranda.
Use electronic and digital services
Muranda advises clients to check to see what electronic or digital services their bank account offers. Said Muranda: “Most transactions are far cheaper when using Cellphone or Online Banking, or one of the other digital options such as depositing money at an ATM. The key is to use the electronic pricing option instead of inside the branch. It is more affordable to use self-help electronic channels such as e-wallet also known as ‘Ka-ching’.”
She added that regular services such as making a payment to a person or accessing an account statement are very cheap if not free when using electronic or digital services, because everything in a banking branch from the building, the consultant and the computers cost money, therefore if you use Cellphone Banking, Online Banking, you are saving the bank money and so the bank is able pass these savings onto you.
In addition, if clients transact more electronically, FNB offers an electronic pricing option where you do not pay per transaction but a monthly fee. This allows clients to budget for their banking costs on a monthly basis.
Swipe or cash?
While it might seem to make sense to withdraw cash from your account to make payments, it is not the best way to use your bank account. Not only is carrying around cash a problem from a safety point of view, but you can also quickly rack up bank fees if you are drawing cash frequently, and these fees are especially high if you withdraw from another bank’s ATM.
Most stores now carry a Point-of-Sale machine, which will allow you to swipe your card when you purchase stuff in the store instead of paying with cash. If you need to withdraw money, rather do it for small items only, such as taxi fares and street vendors. For everything else, swipe. You can even pay for fuel with your debit cards at some outlets nowadays so there isn’t really a reason to withdraw money all the time.
Take a few moments to call your bank, look online or go into a branch to find out what you are paying for the account you use.
By Staff Reporter