Bank Charges And Flow Essay

568 Words3 Pages
BANK CHARGES & FLOW Most people are reluctant to spend time on financial matters. Banks know that and take advantage of this reluctance and charge for every kind of service that they render to a customer. banks take fees for clearing of cheque, ATM annual fees, fees for transferring money from one bank account to other, keeping bank balance less than required limit and charges for exceeding authorised overdraft limits in the form of bank charges. For a business account, the bank charge the company monthly service fee. In addition, each time a check is written, a processing fee is charged. Unfair bank charges have been imposed on millions of people Banks have long been accused of ripping off customers with the high charges they impose for minor account problems. Complaints against banks have soared, with most about interest rates and unfair charges. However, there are still a handful of ways you can still try and reclaim bank charges - especially if you are in financial hardship. Finance savvy customers never pay more than they need to, to their banks. They understand banking transactions and charges and pay only the bare minimum that is required. There are several different types of accounts that are offered by banks to different types of customers. Most of us are aware of only a few types of accounts. This is because every bank has its own set of rules regarding the types of customer accounts. In fact they will talk only about accounts that are applicable to someone. Savings bank accounts are the most popular account. They promote the habit of saving money, as the fund is locked for a certain period. To open a bank account, I will go to the bank of my choice, fill out an application and provide the bank with money with which to open the account. I will be given an account number as well as an ATM card if I choose that option. I will also be given

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