Hidden bank fees are a fact of life. But how much do you really know about them? In this blog post, we'll take a look at the different types of bank fees, how much they cost, and how you can avoid them.
What are bank fees?
Bank fees are charges that banks assess their customers for various services. Some common bank fees include:
- Monthly maintenance fees
- ATM fees
- Overdraft fees
- Foreign transaction fees
- Late payment fees
- Returned check fees
How much do bank fees cost?
In 2022, banks charged an average of $37 in fees. The cost of bank fees can vary depending on the type of fee and the bank. For example, monthly maintenance fees can range from $5 to $25 per month. ATM fees can range from $2 to $5 per transaction. Overdraft fees can range from $25 to $35 per transaction.
Table - Bank fees in 2022
How can you avoid bank fees?
There are a few things you can do to avoid bank fees:
- Shop around for a bank that offers low or no fees.
- Consider a bank that reimburses ATM fees.
- Sign up for direct deposit to avoid paper check fees.
- Keep your account balance above the minimum to avoid monthly maintenance fees.
- Be careful not to overdraw your account.
- Sign up for overdraft protection to avoid overdraft fees.
- Monitor your account statements for any unauthorized charges.
Bank fees can add up over time, so it's important to be aware of them and how to avoid them. By following the tips above, you can save money on bank fees and keep more of your hard-earned money in your pocket.
Here are some additional tips to help you avoid bank fees:
- Use online banking and bill pay to avoid paper checks.
- Use your debit card instead of your credit card for everyday purchases.
- Set up alerts to notify you when your account balance is low.
- Keep track of your spending so you don't overdraw your account.
- Consider a bank that offers free checking or savings accounts with no monthly fees.
- Be sure to read the terms and conditions of any bank account you open so you understand all of the fees involved.
By following these tips, you can avoid bank fees and save money.