Bank is our best friend and our worst enemy in managing our personal finance, it provide a relatively safer place for us to keep our fund. But as said in the universal statement “There’s no such thing as a free lunch”, bank as a business entity also trying means and ways to earn money from us, sometimes without our knowing if you are not careful.
One of the most popular way bank use to take your money without your knowing are all the annual fee of their card product. The waiver of annual fee for the first few years helps them kept you as a customer and as a barrier to make sure you spend money when you are holding the card. Even thought the product was promoted to you as a saving account (with a debit card feature), you cannot let your guard down. I just made a mistake for not paying attention to all this small detail of my saving account.
I have 2 saving accounts, one of them is there for daily expense and the other one is for me to keep my saving in there. The second saving account come with debit card feature and was not charging any fee for the past 2 years. The bank start charging annual fee of SGD 12 this year and my account was affected. I was lucky because I have the habit of recording all my expense and I normally deposit my saving at the start of the month, so I call the bank immediately to put in my waiver request.
So, lesson learnt. Always be careful and paying attention to your finance matter, nobody should care it more than you do. 🙂