Banking can get expensive, but avoid those pesky fees with these tips from Wise Bread.
In recent years, we’ve seen a lot about the rising costs associated with banking. Looking for ways to increase profits, banks are turning to fees at an increasing rate. Indeed, fees represent one of the major sources of revenue for many banks, and a recent survey from MoneyRates.com points out that fees are in fact on the rise.
Some fees, such as overdraft fees, are obvious, while others might be a bit sneaky. In any case, it’s important to pay attention to the terms and conditions of your account, and check your statements and communications from your bank for information about fees.
If you have any questions about fees related to your account, speak with a teller or other bank representative. In the meantime, though, keep an eye out for these 12 annoying bank fees, and do your best to avoid them.
Related: Avoid Bank Fees
1. Overdraft Fee
This fee is charged when the bank clears a transaction even if there isn't enough money in your account. According to Consumer Reports, the average bank overdraft fee is approaching $35.
You can decline overdraft services and avoid the steep fee, but that means your debit card transaction will be denied. Another option is to link your checking account to a savings account or a line of credit. Money is automatically transferred into your checking account to cover the overdraft. There is often a fee for this transaction, too (usually $5 plus interest charges on a line of credit), but it’s much smaller than paying an overdraft fee.
Of course, the best defense is to track your spending and make sure you have enough money in your account.