As bank account owner often we do not understand exactly what is the charge on my bank statement. Usually, we only look at bank statements without regard to what costs are listed in them. Starting from the cost that has a small impression until there are times when suddenly there is a significant cost. Only when we see this big cut do we question what the charge will look like.
Therefore, as the owner of a bank account, of course, we must be observant to ensure all costs will be deducted from the account we have. Make sure to know clearly or ask the bank officer what are the number of charges that will be withdrawn regularly on our account. So we don’t feel confused about it. To be clear, see the following some fees that will generally be withdrawn from the bank account that we have and recorded in the bank statement.
Monthly Fee Charges
One of the most common types of charges found in bank statements is bank monthly fees. Several official administration charges will be made by the bank every month. Where usually this concerns the monthly administration fee of the bank account that we have. So this fee must be changed regularly to be deducted from the amount of money in the account we have.
The number of fees for monthly fees charges at each bank and each country may be different. So it’s good to ask about the amount of this charge on the bank when opening a bank account for the first time.
The types of cards and services we receive will also provide different charges. For example, customers with gold cards and platinum cards will be charged an unequal charge. Generally, platinum customers get a higher charge on their accounts.
Charges of Credit Card Fee
If you talk about what is the charge on my bank statement, then one of them could be a charge from using a credit card at the same bank. Often credit card accounts can merge with account accounts indirectly. So it could be that the credit card administration fee every month will be charged on the funds available in the bank account.
Therefore, you should make sure the amount of the fee pulls when making a credit card at the same bank as your bank account. To be able to determine whether the charge charges charged will be withdrawn from the bank account or withdrawn from the monthly payment of the credit card later. Each bank in each country may have a different policy related to it.
Charges of Late Payment of Automatic Debet
Certain late payment penalties for example with the auto-debit method will also cause several charges on bank accounts. Therefore, if you have a payment with this system, you must ensure a sufficient amount of bank balance on the account. So that at the time of automatic withdrawal of funds there are no obstacles.
A smooth auto-debit withdrawal will certainly not incur additional costs. Therefore, commitment is needed when making this automatic payment. What is certain is that funds must always be available and sufficient, or even try to excess.
Foreign Exchange Rate Charges
Foreign currency exchange can also be one of the things that require a charge. Therefore, ask the bank officer if you want to exchange a certain amount of foreign currency through the bank. Ask how much charge is requested and what the payment mechanism of the charge is. Whether it must be paid in cash, or later it will be one of the charges in the bank statement.
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Money Transfer Charges
Making some remittances may also require certain charges. It depends on the type of remittance transaction made. If done between accounts at the same bank there are usually no fees to be paid. Especially if you do this transaction in the country. But different things will apply if sending or receiving funds to and from abroad.
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Usually, there are charges given by the bank both for the sender and recipient of funds. So if you make this transaction you should know the number of charges that will be withdrawn. Because it is generally also related to the number of funds sent or received.
So do send funds to different banks, even if they are in the same currency. This incurs some administrative costs according to the provisions. But usually, the amount of this cost is quite small and still reasonable.
ATM Withdrawal Charges
Withdrawing some funds from an ATM can also cause charges on the bank statement. Especially if it is attractive at a different bank or withdraws from an ATM located abroad. Generally, the amount of charge can be different at each bank. Therefore, this should be asked from the beginning.
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That’s the explanation of what is the charge on my bank statement. Including what does the charge looks like in general. So if in our bank statement there are fees charged, we already know this. And most importantly that we understand and approve the cuts made and recorded in this bank statement.