Outrageous Bank charges

[Laurentta]

The rate at which banks in my country charges for any transaction is really bad. I feel like they are stealing from us but in a legal way. Sadly there's no way to by pass these charges.

 

[Thinker009]

The rate at which banks in my country charges for any transaction is really bad. I feel like they are stealing from us but in a legal way. Sadly there's no way to by pass these charges.

Yeah I really do hope they change ,so many people have stopped transacting with the bank , because of such development ,they sees it as a very big issue ,they prefer to use to cash to avoid transaction fee

 

[Laurentta]

Yeah I really do hope they change ,so many people have stopped transacting with the bank , because of such development ,they sees it as a very big issue ,they prefer to use to cash to avoid transaction fee

Although alot of people have stopped transacting with banks, there are still much more people who can't stop transacting with banks due to their business. I really hope banks do change.

 

[Sotherefore]

I never had experience of this before , but if you believe that you are being charged extra then you really have to change the bank you are using because I know there are some bank over here that are known to charge their customers very high even from little transaction.

 

[eLdavis]

I never had experience of this before , but if you believe that you are being charged extra then you really have to change the bank you are using because I know there are some bank over here that are known to charge their customers very high even from little transaction.

The thing is that this is pretty common in almost all banks, so it's not even a matter of changing banks, they just take charges that are not called for, the annoying part is when they just deduct you cash without giving a reason. When you go to them, they would tell you is a charge for something you have never heard about before.

 

[Sotherefore]

The thing is that this is pretty common in almost all banks, so it's not even a matter of changing banks, they just take charges that are not called for, the annoying part is when they just deduct you cash without giving a reason. When you go to them, they would tell you is a charge for something you have never heard about before.

Well some of the charges is for maintenance and I don't see anything wrong with that, but if you are being charged so much that you cannot withstand it is necessary for you to change , I don't really think first Bank charge so much compared to other banks as I can see.

 

[eLdavis]

Well some of the charges is for maintenance and I don't see anything wrong with that, but if you are being charged so much that you cannot withstand it is necessary for you to change , I don't really think first Bank charge so much compared to other banks as I can see.

Yea I am very much aware that most of these charges are for maintenance, but sometimes we need to ask ourselves maintenance for on what? They would take maintenance fee on an ATM card you never made use of for the whole month. As for the first bank issue, my sister has an account on first bank and she has been complaining of how they have been taking her money, to the point she has even gone to complain, they promised to correct this, but it still happens.

 

[Alexandoy]

This is not about bank charges but taxes on the interest earned in bank accounts. My money in the bank earned 32 pesos as interest and there was a tax of 6 pesos deducted from the balance. How many percent is 6 pesos of the 32 pesos? That is 20% tax. To think that the bank interest is very minimal at even less that 1% per year, it is pathetic for the government to levy a tax.

 

[mayumi97]

Fortunately, our banks don't charge ATM maintenance fees or VAT. They do charge their depositors a small amount for withdrawing from other banks' ATMs. Online transactions are mostly free except for services that involve the transfer of money to depositors of other banks. I will probably think twice about keeping my money in the bank if ever the banks decide to impose ATM maintenance fees as I believe that these charges are unreasonable. We have a proactive Central Bank that has been implementing groundbreaking rules in my country. Imagine forcing credit card companies to lower interest charges from 3.5% to 2% per month to cushion the effect of the pandemic on consumers.​

 

[Kvngsammy]

Sadly enough there's no way to bypass these things because if you check it, these are ways by which the banks generate income. Though truth be told, some banks are adept at charging outrageously.

 

[Swazykid4all]

Yes it is very annoying. Especially when valid reasons aren't provided for these deductions, the best way to avoid all these problems is to find a safe and secure digital bank, that don't charge you for ridiculous amount and even deliver your card to your doorstep.

 

[YERUS]

This is true. I think the best way is to save your money in crypto.

Don't you think saving money in crypto has its own disadvantage, looking at its volatility?
Anyways, i agree to the fact that our commercial banks are making outrageous deductions to our savings. This has discouraged a lot of people from saving money in banks.

 

[Sotherefore]

Yea I am very much aware that most of these charges are for maintenance, but sometimes we need to ask ourselves maintenance for on what? They would take maintenance fee on an ATM card you never made use of for the whole month. As for the first bank issue, my sister has an account on first bank and she has been complaining of how they have been taking her money, to the point she has even gone to complain, they promised to correct this, but it still happens.

I never had experience of so much deduction in my account before, whenever I I am performing a transaction with my account a certain fee will be deducted from my account and that is just a normal fee for transaction, okay now what is the way forward for you ?

 

[Swazykid4all]

Yes it's very annoying. Especially when valid reasons aren't provided for these deductions, the best way to avoid all these problems is to find a safe and secure digital bank, that don't charge you for ridiculous amount and even deliver your card to your doorstep.

 

[Skysaint]

The stuff ain't funny at all, as these charges are almost weekly judging from how my bank do operate. This is more of a reason why I hate leaving my money in an offline bank for too long.
But what can we do? We need their services and you will just have to endure whatever it takes to get these services.

 

[eLdavis]

I never had experience of so much deduction in my account before, whenever I I am performing a transaction with my account a certain fee will be deducted from my account and that is just a normal fee for transaction, okay now what is the way forward for you ?

I also have a first bank account, though I it's not the main bank I make use for my transactions but the few times I have made use of it, I have not had any of these issues as well. My sister is the one with the problem, what she normally do is to stop leaving money on her account.

 

[Good-Person]

Well, I think since bank charges are so high,k this is why many people are now switching to local payment processors. Local payment processors exist in all the countries and each and every country has its own payment system which can be used by all the people. Why don't you try them?

 

[Godspower]

Well, I think since bank charges are so high,k this is why many people are now switching to local payment processors. Local payment processors exist in all the countries and each and every country has its own payment system which can be used by all the people. Why don't you try them?

Local payment platforms are very efficient and easy to use. They don't charge on transactions despite the multiple times you use them and they are way more better than mainstream banks.

 

[Omotayo]

True. Sometimes the way the banking system operates in the country is upside down. They are always quick to remove unsolicited charges, but when it comes to returning a failed transaction cash, or takes longer.

 

[Sotherefore]

I also have a first bank account, though I it's not the main bank I make use for my transactions but the few times I have made use of it, I have not had any of these issues as well. My sister is the one with the problem, what she normally do is to stop leaving money on her account.

Lolz, and where is she saving her money ? Because without the bank you can't save your physical currency except maybe she is saving some of her money in crypto . So she will take out any money that gets into the account before the deduction start ?