What are the different types of bank fees and how to avoid bank fees?
Fees are one of the ways banks make money, and they make a lot of it through fees. There are a multitude of fees that banks charge, and the following are just some of them.
This post is about the different types of bank fees.
Let’s dive into the top 5 different types of bank fees.
1. Monthly Maintenance Fees
This is usually just to even have a checking or savings account. Often times, banks will waive this maintenance fee if certain conditions are met. Some of the common requirements are to maintain a minimum balance, have direct deposits, and make a certain number of purchases a month. When looking to open a bank account, make sure to brief yourself on the rules you need to abide by in order to keep the account for free.
Now, nobody’s perfect. There are times when you may fall below the minimum balance or just not meet any of the requirements, and BAM! You just got hit with a monthly maintenance fee. Don’t worry! There are ways to get that refunded. Check this post out on how to get that refunded.
2. ATM Fees
In need of some cash but there aren’t any ATMs affiliated with your bank around? This is where you’ll be charged for using an ATM that’s outside of your bank’s network. Depending on which bank you have, these fees can vary. However, if you bank with Chase, you can actually get these fees ATM fees waived!
3. Overdraft Fees
Spend more than you have in your account? That would be considered an overdraft, and banks will charge you a fee for doing so. Basically, this means your account has insufficient funds to cover the transactions you’ve made. Maybe it was just the timing of the transactions, but there are ways to get that overdraft fee refunded.
4. Wire Transfer Fees
Again, banks find a way to charge for everything. This is another example. If you send or receive money through wire transfer, your bank could charge for it. There are banks that don’t charge for wire transfers, make sure to check before you engage!
5. Paper Statement Fees
A lot of banks have been pushing to go paperless – this could be an incentive for customers to do so! If you receive paper statements and are charged, you could opt into paperless statements to save your coin!
To reiterate, the top 5 different types of bank fees are:
- Monthly Maintenance Fees
- ATM Fees
- Overdraft Fees
- Wire Transfer Fees
- Paper Statement Fees
There you have it! Interested in learning more bank fees? Check this post out for how to get overdraft fees refunded.
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