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Short Term Loan News

Money tips and MYJAR news

MYJAR Explains: Bank Charges

Bank Charges

The term bank charges refers to any fee or charge that a bank makes to its customers. Generally when you hear ‘bank charges’ used, it will be in regards to a current account or checking account.

There are various different types of bank charges, some of which are one-off and are generated by the actions of the customer, and others are regular payments required for the provision of a particular account.

It’s important you understand the different forms that bank charges can take, so that you can make informed financial decisions. Here are some examples of situations in which your bank might charge you:

  •  If you don’t have enough money in your account for an attempted transaction to go through, your bank is likely to charge you for making the attempt.
  • Expect to be charged by your bank if you make a transfer of money to an overseas bank account. These fees can be fairly high, so it might be advisable to find an alternative method.
  • Exceed your overdraft limit, or attempt to make a payment when no authorised overdraft exists, and you will face paying a fee of variable severity depending on which bank you are with.
  • Some bank accounts charge a monthly fee simply to maintain them. If you want to avoid this, make sure you fully understand the terms and conditions of the bank account you choose.

If your bank charges high fees for the use of your overdraft, you might want to consider taking out a MYJAR quick loan as an alternative to borrowing from your bank. We strive for the highest standards of responsible lending, and make all our processes and requirements completely transparent. To find out more about our responsible practices, click here.

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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk