The Bangko Sentral ng Pilipinas (BSP) Financial Literacy and Advocacy Division Financial Consumer Protection Department is urging the public to be aware of bank fees and charges, saying understanding bank fees and charges are key steps to making the most of one’s account.

“If you fail to understand the same, chances are bank fees and charges are reducing your returns,” the department said in a press release. “In order to save on various fees, we suggest you read the fine print in deposit literature and pay closer attention to service fees, minimum maintaining balances, dormancy fees, ATM transaction fees on checks written against insufficient funds, and inter-branch transaction fees.”

They also note, banks typically charge service fees if an account falls below a minimum average daily balance; along with dormancy fees, charges for closing an account, among others.

In order to avoid dormancy fees, the department suggests, “Make it a habit to regularly make deposits, even in small amounts.”

They also advise to be aware of your account balance in order to avoid bouncing checks./WDJ