To maintain these accounts and make a profit, banks charge various fees.
And you have to watch out for banks.
Weve broken down what these bank fees are and how to avoid them.
Hereshow to choose a bank accountbased on your needs.
12 Common Bank Fees and How to Avoid Paying Them
1.
Monthly Maintenance Fees
This is one of the most common bank fees.
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Some banks simply charge it regardless.
Minimum Balance Fees
Some banks require a minimum balance, but the amount can vary greatly.
Still, other banks requirenominimum balance.
Did you know?
Banks vary in how they charge for this fee.
Other banks arent so kind; theyll charge an overdraft fee for every purchase.
Many banks offer text and email notifications when your account dips below a threshold that you select.
How to avoid overdraft protection fees:Overdraft protection is an opt-in service, meaning you might decline it.
Instead, just keep an eye on your spending to avoid overdraft potential.
ATM Fees
ATMs are a blessing and a curse.
If you must withdraw from an ATM, find an ATM in your web link.
Returned Deposit Fees
Banks sometimes double dip when it comes to non-sufficient funds.
When accepting payment from friends and family, stick to cash or a payment app like Venmo.
Typical fees average about 3% of the transaction.
Frequent travelers should find a bank that offers acredit or debit card with no foreign transaction fees.
And if you cant find it, youll ultimately need to order a replacement card.
If nothing else, it will help you avoid rush shipping.
Some banks will supply you with an annual amount at no cost.
In addition, banks charge a flat rate to provide a cashiers check.
Some vendors may require you to pay with a cashiers check as assurance that the check will actually clear.
On average, cashiers checks cost around $9.
How to avoid check fees:Only use checks when there are no alternative payment methods.
Determine if this fee would be cheaper than a wire transfer, and use when appropriate.
Account Closing Fees
Some banks will also charge a fee for closing your account.
Senior staff writer Mike Brassfield contributed to this article.
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