If you have been reading my blog before now you would know that I am a big fan of PiggyBankNG. They are my go-to platform for controlling how much I spend and save. I have been using PiggyBank for 2 years and the experience has been great.
I discovered something awhile back. Something that might be affecting you or might affect you in the future.
If you save daily with PiggyBank’s Autosave then your bank will charge you for SMS alerts each time your money is saved with Piggybank. The funny thing is, you might not be notified by your bank immediately but you will get an SMS alert later in the week or month notifying you that a particular amount has been saved or transferred from your bank account to your PiggyBank account. Your bank will charge you for each of these SMS alerts at the end of the month or at some point. Imagine autosaving daily… Imagine how much SMS alert cost that will be accumulated in a month.
I couldn’t shake this off so I reached out to PiggyBank on Instagram: ‘If a user on your platform is saving every day, he/she would get a Debit alert from their bank, right. Will the banks not charge for these daily debit alerts at the end of the month? Because from my experience, bank debits customers in the name of “SMS charges”
Does piggyBank have a partnership with banks not to charge for debit alerts?’
Their response was “No, We don’t.”
So If you’re planning to save or saving with Piggybank then save weekly or monthly or turn off SMS alerts from your bank. Else, your bank will charge you for the daily SMS alerts caused by PiggyBank transfers. Again, I love PiggyBank and I have recommended the platform so many times on my previous posts and here as well but I thought you should know about this because It doesn’t make sense to lose money while trying to save money.