Spot And Escape Hidden Bank Fees— 5 Fee Free Mobile Banks You Can Try

You receive a message from your bank. Anticipating it’s a credit alert, you check your phone. Only to be disappointed with a debit alert for little or no reason at all. Somehow it almost feels like your bank is robbing you. You check your balance, it’s lower than expected, and you are very sure you haven’t spent a dime. The debit alert might not match up to the current balance, and you’re left wondering, where the rest of your money went. Your bank might be quietly taking your money through hidden fees. So quietly that you don’t even notice until it’s too late. Sometimes, they use maintenance fees to cover it all up. But it can’t be just that.

In this article, we’ll show you how to spot and escape hidden bank fees, and banks that will help you grow your money, instead of reducing it.

How to Spot Hidden Fees in Your Bank Statement

Let’s get this straight. You’ve noticed your money reducing and you’ve not bothered requesting for a bank statement? As an account holder, it’s your right to request for a bank statement. You deserve to know the activities that go on in your bank. I mean come on, it’s your money! If you’ve not been requesting for a bank statement every month, you have to start now, to keep track of your transaction records of your account.

To spot hidden fees, you have to

• Download your last or last 2 to 3 bank statements.
• Highlight every deduction that was not caused by a purchase. That is, debits you’ve received but never spent. Search go keywords like, ‘ATM’, ‘Overdraft’, ‘ Maintenance fees ‘, etc
• Add them all up. And you’ll be surprised to see how much it’s all worth.
• Call your bank, and ask for a breakdown of these fees.

Now, if you are still comfortable with banking with them, you can actually just politely request, and they’ll reverse the charges. So that you can continue banking with them.

But if you’re tired of all their charges and decide you don’t want to go through the process of asking for refunds over and over again, there’s a simple solution to your problem. And that solution is, mobile banking.

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Mobile banking are faster and better than traditional banking. There are no transaction fees, and most certainly, no hidden charges. Doesn’t that sound great?

If you’re wondering which ones you can try so you won’t make mistakes, worry no further. Here are some of the best mobile banking apps we can recommend you try out.

1.Opay

Opay is one of the best mobile banking apps you are bound to enjoy. With Opay, there are zero charges on bank transfers. Which means, no 10 to 50 naira on transfers. Which means, no transfer levy. Opay also has cash back rewards when you buy airtime, data or pay bills directly on the app.

We recommend Opay because it is fast and reliable. Even if you transfer and it wasn’t successful, your money will be refunded within the space of 30 mins. Guess what? Opay also has something they call Owealth savings that helps you earn up to 15% per annum. Which is better than traditional banking of course.

2. Palmpay

Palmpay is very much similar to Opay. They also have zero transfer fees on transfers, their transactions are very quick and easy. Plus if it fails, there’s an instant reversal. Palmpay offers palmpoints reward that you can earn points from everytime you make transactions. You can convert your palmpoints to cash discount.

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Palmpay also has a spend and save system that automatically saves part of your money after transfers. Don’t worry, you can withdraw the money anytime you want. You can also earn cash backs on bill payments, airtime, bonuses and festive season giveaways in palmpay. And no, there are no hidden fees.

3. Kuda

Kuda is also known as the bank of the free. Kuda doesn’t have card maintenance fees, nor ATM withdrawal charges, nor hidden charges. So if you’re thinking of trying Kuda, it’s safe and free, just like Opay and Palmpay. Kuda also helps to save money and budget it.

4. Moniepoint

Moniepoint was originally made for business, but now, it’s offering personal accounts with fast transfers. They literally tell you what you’re paying for and they rarely fail transactions. So yes, there are no hidden fees.

5. Fairmoney

Fairmoney isn’t just a banking app, it’s also a loan app that can save you in time of emergencies. It’s user friendly, with transparent interest rates, flexible repayment terms, quick loan approval and disbursement,  and of course, no hidden fees. It’s a loan app, but it’s also a banking app. You can perform transactions with ease on fairmoney. It is very reliable, and they do not take more than they’re supposed to from you.

You deserve to know how your money is spent, because it’s your money. If you feel you can endure your bank’s charges, that’s no big deal at all. But if you feel like you’ve had enough, and you need proper history on how your money is spent, we recommend these online banking apps, you won’t regret it.

I know you’ve probably heard, “Palmpay, Kuda, Opay and the rest will soon pack up and people will cry.” That’s totally not true. These online backs are CBN approved and regulated. So you don’t have to be scared to put your money in them. Your money is safe and secured. Try them and complain no further. Whichever app you choose, will be best for you.

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