Banking Fees (Grade 12 NSC Matric Mathematical Literacy): Flashcards
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Definition of banking fees
Definition of banking fees
Charges banks impose on customers for services provided
Monthly maintenance fee
Monthly maintenance fee
Standard monthly fee for having an account with the bank
Most expensive cash withdrawal method
Most expensive cash withdrawal method
Over-the-counter withdrawals (requires bank teller)
Cost: own ATM vs other banks' ATMs
Cost: own ATM vs other banks' ATMs
Other banks' ATMs cost 2-3 times more than own bank's ATM
Tillpoint transactions
Tillpoint transactions
Cash withdrawals at retailers when making purchases
Stop orders
Stop orders
Regular scheduled payments you set up (e.g., monthly rent)
Banking fees ratio formula
Banking fees ratio formula
rac{ ext{Total banking fees}}{ ext{Account closing balance}}
High fee percentage warning threshold
High fee percentage warning threshold
If monthly fees exceed 5% of account balance, reduce costs
Cheapest method for balance enquiries
Cheapest method for balance enquiries
Self-service banking (online/mobile) - typically free
Key strategy to reduce banking fees
Key strategy to reduce banking fees
Use own bank's ATMs and electronic banking vs counters