Banking services have never been so expensive. For nearly five years, bank charges levied by financial organizations have continued to increase . This increase is significant, each year the revaluation of bank contributions is higher than inflation. These increases, which weigh on consumers' wallets, are largely linked to the fall in borrowing rates.
Nowadays, the activity associated with loans is hardly profitable for banks. They are therefore trying to maintain their margins by increasing the price of banking services . So the question arises: should you change banks when bank charges are high? . So in this context, how can you come out on top by reducing the bill allocated to your bank account?
Make an annual report on bank charges
Before considering a reduction in bank charges, it is still necessary to know exactly how much is the invoice dedicated to this budget item. These fees are deducted each month and under different headings (credit card contribution, account maintenance fees, etc.), so it is sometimes complicated to navigate.
To begin with, it is essential to know the total amount withdrawn by the bank over a year. You will find this information in the annual summary of fees . This is a document that all banking establishments must send to their customers once a year.
According to a study published by the monthly Que Choisir, the annual cost of a bank account is on average 211 us dollars . This tariff includes the contributions levied for basic services (credit card, overdraft authorization, account maintenance fees) but also for any overdraft overruns (debit interest fees, bank intervention fees, etc.). This average annual price is increasing significantly but solutions exist to limit breakage .
Stop ancillary services
Most of the time, bank advisers use their business strategies to sell multiple banking services in one package. Although interesting at first glance by the many advantages to which it gives right, this formula requires special attention.
In a package, individuals pay for basic services but also ancillary services and therefore not necessarily necessary . It is therefore necessary to ask the question of the usefulness of the whole package. Otherwise, it is better to select à la carte services, it will cost much less .
In addition, vigilance is required when taking out a credit card. From now on, banking establishments associate with a simple payment card a whole bunch of additional services which can prove to be expensive at the slightest use. Thus it is possible to draw on a reserve of money attached to a revolving credit , only with his credit card at the merchants.
This option is often presented as budgetary flexibility for the household. But above all, this encourages consumers to abuse revolving loans . However, this funding has the particularity of being excessively expensive. To avoid all financial problems related to revolving credits, it is better to ask your banker to remove this option .
“New Age” banks, to make great savings
Traditional retail banks are increasingly costing savers. New fees have been added to the existing billed services. The most controversial are undoubtedly account maintenance fees. The banking organizations are at the origin of it following the fall of the interest rates which shook the profitability of their economic activities.
Once again, French households are suffering from this extraordinary economic situation. At the same time, the banking landscape is favorable to consumers thanks to the arrival on the market of online banks . These allow great savings to be made by maintaining efficient banking services.
Credit cards are generally free for life, as is sending check books to your home. The only concession to make, accept a remote banking relationship. Indeed, all exchanges with advisers are done by email or phone. Alongside these online banks which require a minimum regular income, “neobanks” have also appeared .
Thus, the Nickel account remains the best known in France today. These banks have reduced bank charges. The Nickel account is also a boon for many French people who have a banking history or those who are in a situation of over-indebtedness . In traditional banks, customers labeled Interdit Bancaire are sidelined. The Nickel account is therefore an alternative in order to keep a bank account with means of payment .
In short, there is no shortage of solutions to circumvent the rise in bank tariffs. As the services offered by retail banks cost individuals more and more, innovative banking offers have emerged. It is an opportunity for those who want to reduce the budget item dedicated to the bank. Especially since thanks to the law on banking mobility, changing accounts is child's play.