Current accounts are zero-balance-accounts generally used for frequent transactions. In a way, a current account is one of the best ways to manage large monetary transactions on a daily basis. They are preferred by people or organisation such as public enterprises or business people that have to execute regular transactions with banks. A current account offers various facilities like debit cards, cheque payments and contra-transactions.
Being a zero balance account, many people think that a current account does not cost them anything. But the charges applied on the current account are dependent on their usage. As a current account holder, you need to manage your account smartly in order to avoid being overcharged. You can use following tips to manage your account smartly and utilise all facilities offered by your bank.
Getting information about all the charges
Generally, banks charge their current account holders for different things such as foreign cash withdrawals, bulk transactions charges, and so on. You can find out about these charges from the bank’s website. Also, you can contact your bank to obtain the list of fees and services associated with the current account. Once you have the information about the types of charges and services related to them, it becomes easier to minimise or avoid them.
Setting up the text alerts
Automatic texts are the quickest way to know what is going on with your current account. You can check your current account balance with the help of text alerts. You can easily turn on free text alerts by changing the settings of your account on the bank’s website. The texts will inform you about every transaction happening and thus, will enable you to manage them.
Using mobile banking
Nowadays, every leading bank in India has developed a mobile app for smartphones. You can get your bank’s app from the app store. These apps are designed by experts. The apps are encrypted as well as a password-protected. Thus they are secure from online frauds. Moreover, you can easily set up your app with the help of your debit card linked to your current account.
The banking apps are very convenient to use. You can do everything that your bank does by using your phone, such as checking the balance, making payments or applications to change overdraft.
Speaking to your bank
All banks are constantly trying to provide their customers with good-quality services. You can walk up to the bank and talk with their representatives. The banks mostly want their customers to take advantage of every feature provided by them.
Switching the bank
If you feel like your current account and its services are not satisfactory, you can always switch the bank. But before just switching, it is wise to spend some time online researching the different services provided by other banks. This way, you can compare different banks and take a practical decision. Also, you should know that you do not need to go to the bank for a new account as you can open a current account online. Opening an online current account is hassle-free and time-saving.
Current accounts are generally opened to operate large volumes of payment systematically. Therefore, managing them with above tips saves you time and enables you to get benefitted from them.