GET SMART- AVOID HIGH ATM CHARGES WITH 5 SIMPLE HACKS

Ideas for Today and TomorrowBy Narendra Pratap

The banks are all set to play hardball from November

1, 2014. RBI is imposing a limit of 3 transactions per

month from ATMs that don’t belong to your own bank

and a paltry 5 transactions per month from your own

bank’s ATM. Further withdrawals will entertain a usage

fee of upto Rs.20, deductible from your account. While

this may seem a tad too much, there are simple

precautions you could take to stay comfortably within

your withdrawal limits.

Plan your Spending

Ensure that each time you hit an ATM, withdraw

enough money to last for a comfortable duration before

you would need to use an ATM again.

Plan ahead for unexpected expenses, weekend

outings, trips, movies etc. and always withdraw more

money than you would need immediately.

Remember, expenses don’t always follow a pattern- a

bit of Sherlock wisdom and foresight from your end will

help.

Stay Loyal to your Bank’s ATM

Given a choice, always withdraw money from an

ATM that belongs to your own bank.

Unless your own ATM is miles away, this simple

hack will help you save your precious quota of 3

withdrawals from other bank ATMs for a truly rainy

day.

Technology can help too, with many banks sporting

smartphone apps that can help you locate a nearby

ATM belonging to the parent bank.

Go Technology! - Utilise SMS,

Phone & Net Banking, Apps

With the condition that even a casual trip to the

ATM to ascertain the account balance will be

considered a transaction, the time is ripe to give

the other online banking options a chance.

SMS, phone and Net banking help you stay

updated with your account status, wire money to

other accounts, pay bills, buy groceries and book

tickets, anything and everything.

Go Technology! - Utilise SMS,

Phone & Net Banking, Apps

Check for your bank’s authorised apps on the iOS,

Android and Windows platform, to effectively carry

a convenient linkup to your bank in your pocket.

Let’s face it- too much technology isn’t always too

bad!!

Use Debit & Credit Cards

Wherever possible, pay for products and services

using your debit or credit card.

This helps you be less dependent on hard cash

and avoid the usual trips to the ATM.

However, there are some precautions to take-

some banks may charge 1-2% transaction fee,

and who hasn’t heard of the horror stories

associated with over spending on the credit

card??

Dig Out that Old Account you

Never Use Almost all of us have multiple bank accounts,

some we use less than our primary ‘go-to’

accounts.

Now would be a good time to bring your lesser

used bank accounts to prominence. Maybe this

account is a no-frills affair, with a basic debit card

and no net banking facility.

Dig Out that Old Account you

Never Use

Post November 1 however, this account offers you

8 additional FREE transactions.

Source funds into this account from your primary

account via net banking and enjoy that additional

stretch and the joy of bending the rules (legally of

course). Indeed…time for the proverbial phoenix to

rise from the ashes.

So there you have it, 5 simple options that help

you save money on additional ATM transactions.

Embrace the change that is due this November,

and bring in a new personality to your banking

habits.

Thank You for your time

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