A bank fee sounds cheap until you read the tiny print on your monthly bank statement. A small amount spent randomly doesn’t attract much attention, but those charges add up and can really hurt your account over the course of a year. Some costs only apply if you use your account in a particular way, so they can be easy to overlook.
Here at Handy Gear, we’re talking about seven bank fees that might slide right by you. Not all banks charge all of them, and some accounts allow customers to avoid certain fees by meeting certain requirements. Being aware of the signs can help make the charges simpler to notice.
A Monthly Maintenance Fee Can Hide in Plain Sight
Some accounts have a regular service or maintenance fee. If a specific amount or direct deposits are credited, you may be able to avoid them. The cost can show automatically if you don’t meet that condition.
Minimum-Balance Charges Can Catch You Off Guard
You may be required to have some amount on deposit to avoid a charge on your account. A significant bill or unexpected withdrawal that causes your balance to drop below that threshold may result in the fee. Review your account disclosures to see whether your bank has a minimum balance requirement.
Out-of-Network ATM Fees Add Up
If you do an ATM transaction outside of your bank’s network, your bank, the ATM operator, or both may charge you a fee. These fees are especially easy to miss while you are traveling or just using the nearest machine. Some banks provide ATM reimbursements, so look at your account’s terms before thinking every ATM withdrawal is free.
Overdraft Fees Can Come From One Bad Timing Issue
A transaction could cause your account balance to fall below zero, resulting in an overdraft. You may incur an overdraft or NSF fee, depending on the account settings. Under federal law, banks do not have the power to charge an overdraft fee for either ATM or debit card transactions unless you’ve opted in to overdraft coverage.
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Paper Statements May Cost Extra
Some accounts charge if consumers receive printed statements. It’s easy to overlook this fee if you use online banking, because it may appear separately from other account fees.
An Inactivity Fee Can Affect an Unused Account
An account you rarely use may, depending on your institution’s terms and any state requirements, eventually become dormant. Some accounts may have a dormant-account fee. If you have an old account that’s still open, don’t just assume it’s free; read the terms.
Foreign Transactions Can Trigger Another Charge
Foreign transaction or currency conversion expenses may be incurred for foreign currency purchases or withdrawals. The quantity and structure will vary by financial institution and account. It can be especially easy to overlook these fees because they may show alongside the original transaction, rather than as a separate monthly charge.
Check Your Fee Schedule Before the Charges Become Routine
Banks are obligated to disclose fees they may impose on deposit accounts, so check your account’s disclosures and fee schedule to see what you might be charged. A quick check can tell you which costs are being charged to your account and whether any circumstances allow you to avoid them.
