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Saving money on your banking arrangements

While the vast majority of us dread our bank statements falling through the letterbox, and the potential for additional charges and expenses to be included, there are simple ways to ensure you reduce your banking costs as much as possible. The easiest way to reduce your banking charges is to organise your finances better and more efficiently.

One of the main charges which many people are hit with on a regular basis is an unauthorised overdraft, with this being a particular problem for the younger generation. It is essential that you refrain from extending your overdraft beyond the agreed limit where possible, and where you do need access to more funding you should approach your bank before overspending. While your bank may not agree to extend your overdraft, the chances that if you already have an overdraft it may be willing to extend it in the short term.

At the end of the day your bank wants to make as much money from you in the longer term while also ensuring that you stay with them for the longer term. It may be willing to be flexible in genuine cases of financial difficulty or short-term issues but if you overspend without warning then what can you expect?

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