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Top 10 Most Common Banking Fees

                           The Most Common Banking Fees

1- ATM Fees

ATM fees are one of the most common banking fees, and also one of the fastest-growing. According to a Bankrate survey of the largest banks in 25 major cities, the average fee banks charge non-customers for the use of their ATMs has risen from $0.89 in 1998 to $2.77 in 2014. Furthermore, banks charge their own customers an average of $1.58 for using another bank’s ATM.

2- Overdraft Fees

If you decided to opt in for overdraft protection when you opened the account, then the payment usually will go through as if nothing were wrong even if you don’t have enough money in your debit card. While you’d be spared the embarrassment of having your card refused, you’d pay for it later when the bank charges a $35 overdraft fee for spending $2 more than you had in your account.

3- Maintenance Fees

Of all the banking fees charge, perhaps the most annoying is the maintenance fee. This is a fee you have to pay just to keep your account open.

4- Checking Account Fees

It is recommended that you speak with your bank to learn more about its service banking fees; how often you can potentially be charged, and for how much. If possible, use a free checking and savings account, many banks still offer them.

5- Lost debit card fee

Accidentally misplaced your debit card? It’ll cost you. All banks charge banking fees to get a replacement debit card. In addition, some banks charge extra for rush orders, expedited delivery fee for a new debit card.

6- Foreign transaction fee

There’s a greater potential for fraud with international transactions, so it costs the banks money to protect the consumer. If you buy something from another country with a credit card, the bank may charge you a conversion fee.

If you want to avoid this fee, you can use any number of cards that don’t charge for foreign transactions, such as Capital One’s Venture and Platinum Prestige cards or Chase’s Sapphire Preferred card.

7- Paper Statement Fees

All of us prefer receiving his monthly bank statement electronically rather than by snail mail. It reaches faster, eliminates clutter, and is easier to locate if needed in the future.

However, for those who prefer to receive their statement in paper form, there’s some bad news: Some banks now charge a fee, often $1 or $2, to mail your statement to you.

8- Inactivity Fees

It may come as a surprise to learn that some banks charge an inactivity fee, sometimes known as a dormancy fee for maintaining an account that you’re not using. Banks charge this fee because abandoned accounts are subject to strict government regulation, which causes major administrative headaches. Not all banks charge account inactivity fees, but for those that do, the fee is typically between $10 and $20 a month.

9- Returned Deposit Fees

Banks don’t just charge you fees for what you do. But sometimes they charge fees for what other people do to you. For example, suppose your roommate gives you a check to pay for her half of the electric bill, but she doesn’t actually have enough money in her account to cover it. The check bounces when you try to deposit it, and while your roommate is charged an NSF fee, you are charged a returned deposit fee also known as a bounced-check fee, this for depositing a check that is no good.

10- Minimum Balance Charge

 Once you have a checking and savings account, double check if there is a minimum balance required. This could be regulated by making sure your balance meets the required threshold whether measured on average as a monthly balance, at the end of the month, or at any moment during the month.

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