11 transaction fees you may not know about

Patrick Wameyo, Founder and Lead Consultant - ‎Financial Academy & Technologies

• Patrick Wameyo, a financial expert and investment analyst at Financial Academy & Technologies, explains the hidden fees you need to be aware of when managing your accounts.  

1. Penalty interest

Failing to pay off your regular loan installment by the due date, even by a day, attracts penalty interest. This interest is charged off the installment that was due that day. This can be very expensive especially if you are the type to pay back 5 or 10 days late everytime for say, three years. This is avoidable. If you are salaried, ensure that you receive your salary on the same date or earlier than the date your loan is due, and make a standing order to pay it off.