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

Regarding consumer rights, disputing unfair bank charges involves understanding your bank's fee structure. A consumer rights advocate might suggest, 'If you think a bank charge is unjust, contact your bank to dispute it and know your rights.'

Practice Scenarios

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.

Business

Scenario:

We are evaluating our financial robustness and trying to optimize operational costs. We should look into every aspect of our expenditure.

Response:

Indeed. I'll provide a report detailing all operational costs, including the bank charges, and potential ways of reduction.