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CHECKING ACCOUNT FEES
If you are not aware if the fees associated with checking accounts, you will likely be quite surprised the first time you examine your bank's fee schedule. You will learn that your bank likely charges you for every small and large transactions and services.

Below is a breakdown of some of the more common occurrences when you a charged a fee by your bank. Actual fees are going to very from bank to bank. There are things you can do to avoid having to pay checking fees. If you have any questions please contact us.

Abandoned account
Laws vary from state-to-state, but if your account is inactive for an extended period of time -- typically three or five years -- the bank will turn the proceeds over to the state, not before deducting a significant fee.

Account maintenance fee
It is common for a monthly fee to charged regardless of what the balance is.

Account closed early
If you close an account within 90 or 180 days from the time you opened it, you'll be charged a fee.

Account research/reconciliation
This is usually a per-hour fee that's charged if there's a discrepancy between your records and the bank's; often the bank will charge a minimum of one hour.

ATM
When you utilize an ATM that doesn't belong to your bank, you will likely be charged a fee by your bank as well as a surcharge by the ATM owner. Learn more about ATM fees.

ATM/debit card replacement
You probably will not be charged a fee the first time you need a replacement. However, you will pay beyond the first replacement.

Check printing
Cost for checks.

Counter checks
Run out of checks, or forget your checkbook? You may receive a few for free from the bank but expect to be charged a fee beyond that.

Credit reference
If you need your bank to provide you with a credit reference, expect to pay.

Debit card
You will be charged a fee every time you make a purchase with your debit card.

Deposited item returned (DIR)
If you deposit a check in your account and the check bounces, you'll be charged a fee.

Early-withdrawal fee for CDs
Fees charged when you close a CD account before it fully matures.

Inactive account
This monthly or quarterly charge is imposed if you have no withdrawals or deposits during a  certain period of time. It is common for banks to charge a fee if you account has been inactive for as little as 90 days. You may not have to pay this fee if you maintain a certain amount of money in your account.

Money orders/cashier's check
Cashier's checks typically cost more than money orders.

Monthly service fee
If your checking account falls below a certain amount you will be charged a fee

Non-sufficient funds (NSF)
Bounced checks are one the highest per-item fees charged by banks.

Overdraft
If you overdraw your account and the bank pays the check or debit, it will charge you a fee. The benefit is your check doesn't bounce and you don't get charged a fee by the business that accepted your check. Learn more about overdraft protection.

Return of checks with statement
It used to be common for banks to return your canceled checks free of charge. This is no longer the case with many banks.

Safe deposit box
An annual rental fee based on the size of the box.

Stop payment
Imposed when you use a check to pay for something and then change your mind.

Teller fee
Nowadays, some banks require that you perform all of your transactions online, by phone or ATM. You will probably have a set amount of times you can visit the tellers without being charged. You will be pay a fee for any additional visits.

**It is very common for banks to mistake and charge you a fee for an activity or an occurrence that is not associated with your account. We outline the proper steps to take when dealing with a bank's mistake.


 

 

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