#Avoid Bank Fees

However, Bangko Sentral ng Pilipinas (BSP) does not put a ceiling on the amount of fees or charges that banks collect from their depositors. Thus, we've got you some tips on how to save on bank fees and charges. Be mindful of service fees Understanding fees and service charges on banks are essential steps towards a well-managed banking experience. The bank's service fees refer to any charge imposed by the financial institution on their personal and business customers for account set-up, maintenance, and others. The BSP encourages us to be aware of the following: service fees falling below average daily balance (ADB) dormancy fee ATM transaction fee fee for checks written against insufficient funds interbranch transaction fees To be mindful of those fees, make sure to know more about your bank and its services. Take note that bank charges and fees for falling below the ADB are being computed at the end of each month. Online bank accounts generally have few or no fees, such as monthly maintenance charges on savings, and often do not require minimum account balances or charge transaction fees. [embed]https://www.facebook.com/BangkoSentralngPilipinas/posts/3793830060680795[/embed] Use your bank’s ATM To save from ATM transaction fees, make sure to use your own bank’s ATMs. Read more in our articles including "How to save on bank fees and charges" and "Banks, e-wallets face new BSP rules on digital payment fees".