Learn all about bank fees

Learn all about bank fees

If you are constantly feeling your bank is charging you extra money and you don't know why, you should read this article. Here you will learn every bank fee and why it applies to you. Keep reading and learn all about it!

If you are constantly feeling your bank is charging you extra money and you don't know why, you should read this article. Here you will learn every bank fee and why it applies to you. Keep reading and learn all about it!

If you’ve ever felt like your bank charged you for something and you didn’t see it coming, this list is for you. Here’s a rundown of the most common fees banks charge—and tips to avoid them.

In the first place, you should know that some banks charge you for closing your account. Some banks require that you keep your account open for a certain period or face an early-account-closure fee. How much? Up to $25. Can you avoid it? Typically you need to keep your account open for 90 to 180 days before closing it to avoid the fee.

Some banks require that you keep your account open for a certain period or face an early-account-closure fee.

Secondly, wire transfers can charge you some extra cash. A wire transfer can be the best way to send money fast. However, banks often charge for this service. How much? It’s not uncommon to pay $20 or more for domestic transfers and $35 or more to send money abroad. Can you avoid it? For some official transactions, like a loan payoff, a wire may be your best option. If not, try other methods for transfers, using online banking or a person-to-person transfer via your bank’s app.

Also, you can be charge for excess transactions. Many banks cap the number of monthly withdrawals you can make from some accounts—usually savings or money market accounts. After a certain number, your bank may charge you. How much? From $3 to $25 per transaction—the amount may increase with additional transactions. Can you avoid it? Don’t use your savings account for everyday withdrawals and bill pay—use a checking account instead.

Many banks cap the number of monthly withdrawals you can make from some accounts—usually savings or money market accounts.

Finally, and the most common fee, is insufficient funds. When you make a purchase or other transaction that is more than the amount in your checking or savings account, and you haven’t opted into an overdraft program, the bank may decline the charge or return it unpaid. How much? An insufficient funds or returned-item fee could be $35. Your payee may charge you a fee as well. Can you avoid it? Try low-balance alerts to notify you when your account is low.

Related Articles

More News

More News