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NY Post
New York Post
20 Sep 2023


NextImg:These 5 bank fees may be costing you big — here’s how to avoid them

Content provided by Bankrate.com. New York Post and its content partners earn compensation from the affiliate companies that appear below. This content does not include all available financial offers, and compensation may impact how and where links appear in the content.

Bank fees are pretty frustrating to deal with. They’re often unexpected and eat away at your hard-earned money.

More than one in four Americans with a checking account are paying fees, an average of $24 per month, or $288 per year. These fees may be holding you back from saving and reaching your financial goals.

Here are the most common bank fees you may encounter — and how to avoid them. 

If you spend more money than you have in your account, your bank may charge an overdraft fee. For example, let’s say you have $350 in your account and spend $375.

If your bank approves the transaction, it will cover the difference and charge you a fee. The average overdraft fee is $26.61, based on Bankrate’s survey, though it varies by bank.

Some banks limit how many times they’ll cover overdrafts in a day or month. Even if your bank declines the transaction, it may charge you an nonsufficient funds (NSF) fee. The average NSF fee is $19.94, per Bankrate’s survey. 

Overdraft fees are the lowest in decades, but 90% of bank accounts still have them.

To avoid overdraft fees: 

These days, you can do more than just get cash out of an ATM, from depositing checks to transferring funds to paying bills. But in some cases, you may have to pay a fee. 

If you use an ATM from a different bank or one not in your bank’s network, that bank may charge you for using its ATM. Your bank may also impose a fee for using an out-of-network ATM. This applies to ATMs both in the U.S. and abroad. 

ATM fees are a record high — the average charge is $4.73. Fees can vary depending on the banks involved and the specific ATM used. 

To avoid ATM fees: 

When you open a bank account, some banks may require a monthly maintenance fee to keep the account active. This fee covers services like account management, customer support, and online banking access.

The amount of the maintenance fee varies depending on your bank and the type of account you have. The average monthly service fee for non-interest accounts is $5.31. 

To avoid monthly maintenance fees: 

Traveling abroad is exciting, but it’s not very thrilling to learn that international purchases often come at a cost. 

When you use your debit or credit card for transactions outside your home country or with foreign currencies, your bank or credit card company may charge a foreign transaction fee. This fee covers the cost of converting currencies and processing international transactions.

Foreign transaction fees are charged as a percentage of the transaction amount, between 1%-3%, which means they can add up quickly if you make multiple purchases. 

Avoid foreign transaction fees by choosing: 

Some banks require you to maintain a minimum balance when you open a bank account. If your balance falls below this minimum threshold, your bank may charge you a minimum balance fee.

This fee encourages customers to keep a certain amount of money in their account, but it’s frustrating to feel like you can’t access your money. 

The minimum balance requirement and fee vary depending on the bank and your account type.

To avoid minimum balance fees: 

Bank fees don’t have to put a dent in your wallet. Reviewing your accounts and being proactive can help protect your money and possibly cut bank fees altogether. 

Don’t hesitate to negotiate with your bank. If you spot an unfair fee on your account, contact your bank’s customer service and request a refund. Many banks will waive the fee, especially if you’re a long-time customer with a good track record. 

Opinions expressed are author’s alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.