It's a reasonable assumption to think that it's easy to access your personal funds, but this isn't always the scenario. The fees for checking accounts are common and have become more costly in recent times. Fortunately, you don't need to pay these fees. The majority of banks have a variety of options to eliminate the fees. Certain banks have eliminated some of the most commonly charged charges completely.
Below, we'll take a look at what you should be aware of regarding the most common fees for checking accounts and the best way to get them out of the way.
What are the fees Americans pay for checking fees for their accounts?
When people think of the fees associated with checking accounts the first thought that comes to mind is the monthly maintenance fees. It is the amount that you pay for an account with a checking. A typical brick-and-mortar check account could be charged a monthly maintenance charge between the $10 and $15 range. It can add to the course of the course. For example, if you're spending $15 per month that's $80 for the year and $1,800 over 10 years.
A few other typical charges for checking accounts are:
- ATM fees Certain banks will charge you approximately $3 per ATM withdrawal that is not within their network. This is in addition to the fees which the ATM owner could charge you. But, certain checking accounts don't have ATM transaction fees in any way. A few of them will refund you for out-of-network ATM charges you pay.
- Overdraft charges: You may incur an overdraft cost when you've signed up for the protection against overdrafts and try to withdraw more funds from your account than what you've. The fees could be as high as 35 dollars per operation.
- Fees for non-sufficient funds There is a possibility of paying the non-sufficient money (NSF) fee when you make a check to pay more than what you have in your account.
- Paper statement fees If your bank gives you paper statements they may charge a small cost. It is usually possible to avoid this fee by opting to use eStatements.
- Foreign transaction cost: Using your debit card from your checking account out of the United States could result in an international transaction fee typically at 3% of the purchase cost.
- Account closure fee When you shut down your account within a specified number of days following the account was opened, you may be required to pay a closing fee that is $25 or more.
Each checking account comes with the fees associated with it. You must have received the fee when you opened your account. Most banks have these fees listed on their websites too.
Strategies to reduce the cost of checking accounts
Accounts that require monthly maintenance fees usually give you a variety of options to avoid the fees. The most popular method is to keep a minimum amount. The daily or monthly minimum balances will differ for each account. Certain accounts will waive the cost in the event that you satisfy one or more of the following requirements:
- Direct deposit of a particular amount of money per month
- Set a minimum amount of debit card purchases every month
- You must be under a certain threshold -- typically for account holders who are college-aged or less
Examine your bank's fee-free options if not familiar with the options. It's important to find one that you're confident that you'll be able to complete each month. Keep in mind that you may reduce your fees the month you pay them and then owe it the following month. If you're looking to stay clear of fees You must satisfy one of the requirements for a checking account. It's also worth examining whether a credit union's checking account could be a good fit for you. Credit unions don't have to charge fees for accounts, and the charges are typically less than traditional banks.
You could also save many charges on checking accounts to an online checking account instead. Online banks don't have branch networks that they need to maintain, and this helps them save cash. This means that they can provide free checking accounts, whereas brick-and-mortar banks aren't able to offer this. Online checking accounts are more likely to provide interest as well as out-of-network ATM cost reimbursement. If you're confident using the convenience of online banking, this is an excellent method to avoid having to pay a monthly service charge.
There's no need to pay for checking account charges
It's not often that you find an account with a checkbook that requires users to make a regular cost with no way to get to pay it. However, if you are paying an annual service fee then it's time to consider switching. Consider a checking account or an account that has a minimum balance you're able to reach.
It's not necessary to sign up for an online bank If you're not comfortable using mobile and online banking. You can look for a brick-and-mortar checking account with reasonable requirements for a fee waiver.
In the case of other types of fees for checking accounts, There is a variety of them that can be avoided as you are aware that they exist and avoid behavior that could create them. Spend some time to be familiar with the fees associated with your checking account If you're not sure the nature of them.