Is there any way to avoid bank fees? Here are some tips on how to save on your checking account.
It is possible to reduce or even eliminate bank commissions thanks to some expedients such as consulting the Synthetic Cost Indicator. But let’s see together how it works.
The use of current accounts or credit cards is growing dramatically for both convenience and security reasons. If the advantages can be those just described, however, the presence of possible disadvantages must also be affirmed.
It often happens that for each action carried out with the use of the card, a bank commission is charged. This type of commission is equivalent to the costs that banks charge customers to provide certain services related to the account.
Each banking institution has a means of evaluating the costs to be paid as commissions and, sometimes, these can vary according to the service requested and the financial product. However, there is a way to prevent the bank from charging these extra costs, in this article we will see how to avoid paying the commissions.
How to reduce bank commission costs
As stated previously, there are different types of accounts that give commissions that are not always the same. One of the first steps to curb this fee problem is to choose a current account a zero expenses oppure a reduced fees. Another advice is to limit operations for which higher commissions are required (e.g. bank checks, wire transfers outside the SEPA area, instant transfer). Choosing the right checking account can also solve your commission problem. There are many types of current accounts, some much more convenient than others. But how to check the future costs of an account before signing the contract?
The Synthetic Cost Indicator, the ally in choosing the current account
Let’s start again from the closing question of the previous paragraph. Before signing any contract with a given bank, you will need to know all the associated costs. And we’re not just talking about activation costs but also maintenance costs and, among these, commissions. L’ISC it was introduced by the Bank of Italy a few years ago and allows you to compare the costs associated with current accounts and the services offered by banks. To have an annual estimate of the total costs of a current account, therefore, you can use this tool which will certainly be of great help.
