Debit card fees and charges

In most cases it’s inevitable you’ll incur fees and other charges when using a debit card that’s linked to your bank account; but if managed correctly, you can avoid them.

Debit card: Fees and charges

Your debit card offers you a lot of convenience which is why most people have one but if you take the time to look into the terms and conditions you can save yourself from some of the fees and charges that they can generate. Some of the ways you can avoid these charges are:

  • Keep your ATM transactions within the limit that allows you free transactions
  • Where possible, use the CREDIT option when using your card. It will avoid the bank fee incurred if you use the SAVINGS option
  • If using ATMs other than those of your own bank, make sure to choose the ones that allow you to make free transactions
  • Take advantage of telephone and internet banking services. These allow you to check your account balance, transfer cash and make payments free of charge

Another way to avoid fees on your debit card is to keep tabs on what you’re spending. Check your account balance before using your card to ensure you have sufficient funds to cover purchases or withdrawals.

Using your debit card places the funds to cover transactions on hold until the money can be transferred and if you withdraw cash or make another purchase over the top of this, when the transfers are made they can leave your account overdrawn and banks charge a large fee on overdrawn accounts.

Debit Cards: Other Information

To further avoid excessive charges and fees, consider using EFTPOS to withdraw any extra cash when making your purchase as both are then done as one transaction.

Use BPAY to pay your bills and use direct debit for regular bills and payments. This happens automatically and will cost you less than if you withdrew the cash.

These are just some of the ways you can save on fees and charges. Check the terms and conditions attached to your debit card as they will give you the guidelines on how to avoid unnecessary charges.

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