bank-charges

Vocabulary Word

Definition

'Bank charges' are specific fees that a bank might require you to pay for different reasons. They can be regular, like a monthly fee for your account, or occur when you do something special like sending money abroad.

Examples in Different Contexts

In personal banking, minimizing bank charges can save money over time. A bank manager might explain, 'Using in-network ATMs and maintaining minimum balances can help avoid unnecessary bank charges.'

Practice Scenarios

Scenario:

We are integrating a new payment system for our software. There are many providers and options to consider.

Response:

Right, so we need to select the one that offers security and ease of use without heavy bank charges.

Finance

Scenario:

Considering buying a house can mean a massive financial commitment and it’s important to take all costs into account, even the small ones.

Response:

Absolutely, I've been wary of the bank charges linked to my mortgage application as well.