True Story—This App Keeps My Finances in Check!

By team gini on November 13, 2019

We all agree that the bank should be a promising place to keep our money safe. Even though you would not expect your money to grow at a high rate sitting there compared to other kinds of investment, neither would you expect it to shrink. 

But has this ever happened to you? 

You have a savings account with a certain amount sitting there. You expect it to grow with your bank’s interest, despite the growth being very little. Then one day, you find that some money was gone – your dollar amount shrunk! No prior notice, only the small pathetic description ‘service charge’ lies deadly on your bank statement, only after it is charged.

What’s worse? You were too busy working long hours to read your bank statements, all the while your hard-earned money just slipped away.

gini knows the pain and that’s why we have developed our Smart Notification feature. Today, let’s see how gini helped one of our users Celia to get back the money that could have been lost forever.

gini blog - True Story—This App Keeps My Finances in Check!

Thanks to gini, I got HK$2,880 back in a day!

Two days after I updated my gini app, I got a push notification that says ‘A bank fee has been detected! Tap to check it out!’.

The first thing on my mind was, ‘alright, it’s probably a credit card late payment charge’ – but wait, no way, I just settled my credit card payment last weekend! Soon after I clicked on the notification and entered gini’s feed, I found that the transaction did not come in from my credit card, but one of my savings accounts.

Thinking it might be a mistake, I called my bank’s customer service hotline with the shortcut keys. It turns out that it became the call that got me thousands back in a day. 

The truth is I graduated from university 2 years ago. At that time, my Hang Seng Bank Green Banking savings account was automatically upgraded to Preferred Banking savings account. The minimum balance was upgraded from HK$5,000 to HK$200,000 accordingly. 

For 2 long years, I have been paying HK$120 per month without noticing!

The monthly service charge was easily waived though. Hang Seng Bank has returned all HK$2,880 for the 2-year charges. After some communication, the bank even agreed to automatically waive the monthly service charge ever since.

gini blog - True Story—This App Keeps My Finances in Check!

Photo credit: She Makes Cents

Minimum Balance Fee No More, Right?

But in fact, soon after this episode, 8 banks in Hong Kong have respectively made announcements on removing their minimum balance limits. There will not be another Celia.

‘Hurray, minimum balance fee no more!’ If that is what you are thinking, you are wrong. 

This removal of minimum balance fee applies to basic savings accounts only. If you are holding savings accounts with premium banking services, you still need to keep an eye on your statements.

Balance Feeds for Savings Account Holders with Premium Banking Services

gini blog - True Story—This App Keeps My Finances in Check! - HSBC Hang Seng Bank BOC BEA Citibank DBS Standard Chartered Saving Accounts Minimum Balance monthly service charge

gini blog - True Story—This App Keeps My Finances in Check!

Still, more bank fees to go?

Nevertheless, the monthly service charge for your savings accounts is not yet the end of the story. 

While you may not notice, the banks are actually taking quite a sum of money out of your savings accounts regularly. Securities, bonds, insurance, MPFs and you name it. Each service has its own charging system. And you could be paying the banks much more than you think.

One other fatal item that we always talk about is credit card fees. Let’s take this chance to also review the list of annual fees for some of the most popular credit cards below. 

gini blog - True Story—This App Keeps My Finances in Check! - HSBC Hang Seng Bank BOC BEA Citibank DBS Standard Chartered credit card annual fee

Hundreds to a couple of thousands per card each year, not to mention most of us are holding more than one credit card. It means you could be paying up to HK$10,000 per year just for credit card annual fees! 

How can I say goodbye to bank fees forever?

You definitely do not want to pay more than you have to. If charge waivers are sitting there for you to claim, you will not wish to let them go.

Here is where the gini app comes in. gini reminds you whenever a bank fee is detected. Be it a monthly service charge for your premium savings accounts or an annual fee for your credit cards, gini helps you to know what’s happening with your money.
You deserve to enjoy bank services charge-free, download the gini app now and benefit from its Smart Notification feature today!

gini blog - True Story—This App Keeps My Finances in Check!


Other articles you might enjoy:

4 ways to get out of your credit card’s annoying annual fees

Max value: Finding the best credit card to reward your lifestyle

4 ways to optimize credit card spending


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