Bank Fees Have Changed For Investors

There are many investors who use the ‘buy and hold’ strategy only when dealing with property investment and if this suits you fine, but what I would like to point out to anyone who has had a long term finance arrangement set up with a bank it could well be time to have  a talk to your bank about the best accounts available.

Several reasons have caused the banks to be more aggressive in their handling of accounts, namely competition and the change to electronic banking.

Anyone who is still using the same bank structure that they set up over 5 years ago should talk to the bank and see if there are better accounts on offer.

Many banks have now removed a lot of the bank fees on certain types of accounts and balances can be transferred over to newer type accounts without any disruption at all to your banking facilities.  The only change in most cases is bank account no’s to be changed on any automatic payments that get taken from the account.

Two of the most common changes are the number of times you use the account without extra fees and the amount being taken from the account if there is an overdraw or an ‘honour fee’ charged by the bank.

If you are visiting the bank it may pay to look at what is being offered re credit cards as well, as these two have changed over the past few years with many ‘balance transfer’ cards being set up, but if you go down this path make sure you have the payment of these new cards explained to you very carefully because they are not as cheap as they seem of not used the right way.

 

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