Several common bank account mistakes can erode your savings and cost you money over time. These issues primarily stem from preventable fees, missed opportunities to earn interest, and general unawareness of the penalties.
Some banks charge fees for maintaining a bank account. Consider getting an account in a bank that has nil maintenance fee.
Missing or outdated nomination creates financial delays for your family. Banks require proper nomination for easy access in case of death or otherwise.
Exceeding free ATM withdrawals triggers extra fees. Planning cash withdrawals can help reduce these costs.
Some banks levy fees for SMS alerts. Customers often continue paying for them without checking account settings or switching to app-based alerts.
Low-interest savings accounts reduce potential earnings. Short-term FDs or sweep-in accounts often offer better returns for idle funds.
Late fees and interest rates escalate quickly. Even one missed payment affects your credit score and raises your borrowing cost.
Unused subscriptions continue to charge money. Reviewing auto-debits helps avoid paying for services you no longer use.
Duplicate charges, failed refunds, and errors often go unnoticed. Monthly reviews ensure you catch discrepancies before they become bigger.
Outdated information can freeze your account temporarily. Updating address, contact number, or ID keeps your account active and compliant.
