Minimizing The Amount of Bank Transactions And Fees
Financial Management

Minimizing The Amount of Bank Transactions And Fees

While many banks offer no fee accounts nowadays, the majority of banks still charge some kind of fee to do business with them. In a lot of cases too, when it comes to paying the bill a lot of people still bring the bills to the bank and pay each one individually. What I noticed was that for many people their banks charge them a transaction fee for doing things like this. So unless you are under some kind of plan that gives you X amount of free transactions, you could get deducted for paying too many bills in any given month.

For myself, I usually only need to do one bill transaction from the bank a month when it comes to expenses. For example, for like the phone or cable bill I suppose many would just pay each one individually directly from their bank making it two transactions. However, I tend to use the credit card to pay the bills and so at the end of the month I just need to do one transaction which is to fully pay off the credit card balance.

I find this to be good from a general organization point of view too as you can condense all of your reports easier. Even for accounts that have no transactions fees I still do the same.

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