Current Account Fees
At present, we are given many choices of current accounts and each of them has different features. Before opening an account, you have to make comparisons in terms of their interest rates as well as the charges or penalties that you may incur in different bank transactions.
Here are the three of the common fees that banks impose on their Business account depositors:
If your account falls under the required minimum balance
Most banks set a minimum balance on current accounts and depositors must see to it that their balance will not go below it. Otherwise, the bank shall deduct a certain amount from your account. The banks who charge this kind of fee are those that usually entitle their clients with interests.
This fee also applies to Business accounts that make use of an overdraft, which also is given a particular limit. In case you go beyond the required minimum overdraft, a monthly interest will be charged based on your current overdraft balance. The bigger the amount that you have overdrawn, the bigger the interest banks will charge on you. The interest can be high if you do not put a ceiling on your overdraft.
It is always nice to ask this kind of information when you want to open a current account. Assess your capacity in maintaining the required minimum account balance.
Expected fees
There are other banks that charge annual or monthly service fees to its Business account depositors and others collect fees from the different transaction that their depositors make.
If you are in the process of finding the right current account for you, see to it that you have many options and make head to head comparisons in order for you to pick out the one that can meet your demands and expectations. You also need to know how you can minimize that fees that you might incur in every transaction that you make.
If you avail of Business account special features
Other banks offer different features that you might want to attach to your current account, but not all features free. If you want to avail of features, it would be good to ask it you will be charged a certain amount or not.
Financial establishments are good at luring people to avail of their promos or added features for purposes of profit. But before you get enchanted with these special features, you have to make sure that you can maximize its use and that you will benefit from it so that your money will not be wasted.
