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Date Published : Tuesday, February 05, 2008
With the constant talk of the Reserve Bank of Australia, as well as the effects of the continuing global market turmoil, consumers may look to cut banking fees to give them some extra money.
Many consumers across Australia do not know what they are being charged for and why they are being charged at all. In order to get a grip on the banking fees, it may help to get your head around what is actually going out of your account and why.
Once that has happened, consumers should explore all the exemptions and discounts currently activated. According to John Synott, of news.com.au, different discounts apply for the type of vocation, bank account and location.
Mr Synott stated: "If you feel like you are paying too much in fees ask about low-fee option accounts.
"Most banks offer fee-free accounts to pensioners, students, children and people living in regional and remote areas. They also rebate fees and give serious 'relationship' discounts if you buy their home loans, personal loans, cards, term deposits etc.
"Check to see what it takes to qualify."
By sticking to your bank's ATM, consumers will not have to pay extra rates to withdraw some of those hard-earned dollars, while keeping above the minimum balance may help with future debt problems.
While the market turmoil continues and it gets harder to find money, many Australians may be able to halt some outgoings my slashing bank fees.
Compare your current credit card rates with Australian providers.
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