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Every one knows exactly why they are charged money under the heading of "bank charges," right? Well, the correct answer would be "wrong." Most banks attract customers with add-on services. Then they charge for those services. This might come as a surprise to many. After all, most of us take it for granted that since we have an account with Bank X, we are eligible for a number of miscellaneous services. So it is always better to find out in advance what the free services offered are and what extra services can be availed at a cost. Services are great as long as you had planned on availing of them. These include, using of the ATM card beyond a certain limit, issuing more than the allocated number of check books, or availing of bank statements in between quarters. All these are activities that may invite additional bank charges. Small amounts could accumulate to a large amount and we might end up paying for a lot of services that we assumed we were free. Overdrawing is a common trigger for bank charges. In a case of overdrawing, a fee is levied by the bank on the extra amount that has been withdrawn. This is merely because the bank has done you a favor by providing you with funds when you did not have enough. Another example that we can look at is that of issuing a check to a third party while being unaware of insufficient funds. In such a case, the check will not be cleared. Instead, it will have to be presented once again after we have made arrangements for the necessary funds to be deposited. A charge will be levied on the cheque that has bounced and additional fees will be levied for representing the same. At the end of the day, all these charges will add up to quite a large amount if we are not careful with our finances. Lenders will often collect post-dated checks from you. It is your duty to make sure that these checks do not turn bad. In a case like this, we will have to pay the bank a certain amount to hold the cheque till we deposit sufficient funds into it. Any service carried out by the bank for our benefit will be outside of what we are eligible for. It is to be expected that the bank will charge for these services. Each bank has a finite number of teller machines. Hence you will often end up using teller ATM machines of other banks. However, a certain amount will also be debited from our account for the same purpose. Even though the ATM card served its purpose, it did not come for free. The primary point that I am trying to communicate is that the informed customer must know which services are paid and which ones are free. . Do not bear bank charges. Get bank charges refund at http://www.thriftyscot.co.uk/.
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