Many businesses often overlook the impact of bank transactions to their expenses, but banks are just like any other business – they’re in to make money in the end. A lieu of services can help make your banking activities more streamlined, but there are fees and hidden charges in between that can gradually eat away your wallet if you’re not careful.
3 Ways to Avoid Unnecessary Bank Charges for Business
A handful of bank charges can be enough to tip the scale and push you into debt, making it more challenging to get a financial breather. It’s a glaring realization that can be frustrating, especially since banks are a necessary part of handling the books for your business.
Fortunately, your company doesn’t have to bleed out unnecessary cash as there are simple solutions that can help you adjust your habits and minimize banking fees as much as possible.
Tip #1: Opt for Online Banking to Reduce Paper Statement Fees
In a steadily growing paperless landscape, online banking is grabbing the spotlight as one of the most reliable and convenient ways to conduct transactions. As a result, banks have increased the fee when you choose to print statements using paper, which can reach a whopping 4 GBP for this service.
Tip #2: Use Your Debit or Credit Card
If you prefer to keep things old-school, using your credit or debit card is the oldest trick in the book that remains just as effective in minimizing your banking fees. Withdrawing cash from the ATM can charge you between 1.15 to 2.67 GBP, and even up to 7.64 GBP for non-bank ATM operators.
These small changes can quickly build-up, especially if you constantly use it to purchase goods or services. With that in mind, using either your debit or credit card at Point of Sale (POS) to pay for your purchases can do wonders in cutting down a significant amount of your bank fees.
Tip #3: Use the Account Type That’s Suitable For Your Plan
Banks charge fees depending on the service you’re using for your plan. Choosing the wrong account that doesn’t meet your needs can quickly drain pennies down the drain, resulting in a steady stream of cash flowing out of your account.
For someone who prefers to complete various transactions in a single month, you can benefit the most from a transmission account as it meets your needs without jumping on you with high charges compared to opening a savings account.
Quick Wrap Up
Managing your bank transaction methods can contribute to your expenses, but handling it carefully can make a significant difference in your savings. By avoiding Unnecessary Bank Charges that can slowly chip away at your money pot, your business can have more resources to dedicate to your growth.
Streamlining your bank activities can impact your pockets, but leaving the tasks to the hands of professional accountants can do wonders in getting your books done faster without any overdraft fees. Speaking of which, if you’re looking to consult with accountants in London, get in touch with us today! We’re happy to help.