You do not want to lose money just because you are unaware of the fees that your bank may charge you.
If you’re saving money or paying off debt, the last thing you want to see is a $35 fee here and $6 fee there that could have gone to your credit card or your emergency savings fund.
Here are a few fees to know, understand, and try to avoid:
Overdraft Fee – Make sure you know how your account is set up to handle your attempts to overdraw your account. Will it deny your debit card? Will it let it go through and then charge you $X of money with each transaction? Is it only on purchases you’re attempting to make with your debit card, or automatic bill payments you have set up, too?
Return Check Fee – This happens if there isn’t enough money in your account when someone goes to cash the check that you’ve written to them.
Savings Withdrawal Limit Fee – You can withdrawal money from a savings account 6 times a month before you may be charged a fee. You can thank Regulation B for this. All banks have to comply to this rule, so switching banks won’t help. Transferring from your savings to checking in your app, withdrawing at the bank, and getting money from your savings at the ATM all are considered towards this limit (along with others).
Monthly Maintenance Fees or Paper Statement Fees – You may be able to avoid monthly maintenance fees if you set up a direct deposit or have a specific amount of money in your checking account at all times. Check with your bank, and most importantly – ask them if the minimum amount is a monthly average or a number you just can’t dip below. You may be able to avoid paper statement fees by signing up for online statements.
ATM Fees – Even if your bank doesn’t charge you for ATM fees, the other bank or card you’re withdrawing funds off of might. For example, if you’re traveling and use the ATM at a different bank or a gas station, etc, you’ll most likely get a fee from that ATM AND your bank. Might not seem like $6 is a big deal, but if you have to go a few times during your week vacation that will add up quick. Also, another thing to look out for is withdrawing cash off of cards that aren’t your debt card. For example, if your tax refund is loaded onto a pre-paid card, you might get charged by the card holder and the bank/ATM withdrawing the cash off the card for you.
These fees might not seem like a TON of money on their own, but 3 overdraft fees a month can add up to over $100 that you could have used elsewhere. Moral of the story? Know your fees so you can avoid your fees.
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