7 Hidden Charges in Your Bank Statement That Are Stealing Your Money

Many bank account holders are unaware that their balance reduces silently every month due to hidden fees. Banks may charge fees that are legal but often unnoticed. Knowing these charges can save you thousands.

1. Minimum Balance Penalty

Failing to maintain the required minimum balance can lead to monthly penalties. Even if you think you are careful, some banks deduct fees without clear notifications.

2. Account Maintenance Fees

Some banks charge maintenance fees for savings or current accounts. This may be monthly or yearly. Always check your account type and fee structure.

3. ATM Transaction Charges

Exceeding the free ATM withdrawal limit at your bank or using another bank's ATM can trigger extra charges. These small amounts add up over time.

4. IMPS/NEFT/RTGS Transfer Fees

While digital transfers are common, some banks still charge for certain transactions, especially for amounts exceeding a threshold.

5. Debit Card Annual Fees

Many premium debit cards have hidden annual fees. Banks may automatically renew them without alerting you.

6. Cheque Bounce Charges

If a cheque issued by you bounces due to insufficient funds, banks levy penalties. Always ensure sufficient balance before issuing cheques.

7. Foreign Transaction Fees

Using your debit or credit card internationally often attracts foreign currency conversion fees. Even small purchases can have hidden costs.

Tips to Avoid These Charges

• Regularly check your bank statements.
• Maintain the minimum balance.
• Opt for no-fee accounts or digital accounts.
• Use your bank’s ATMs to avoid third-party ATM charges.
• Be aware of international usage fees.

Conclusion

Hidden bank charges can quietly eat into your money. Awareness is key. By monitoring statements, choosing the right account type, and being cautious with transactions, you can save a significant amount every year.

Always stay alert, check fees regularly, and take control of your money!