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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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