Some fees are a part of life. Bank fees, however, don’t have to be.
Many financial institutions advertise “no-fee” banking, but so much gets hidden in the fine print. Navigating your bank’s fee disclaimers can be overwhelming, especially if you don’t know what to look for. Leaving the hidden fees behind starts with knowing what is hiding in the fine print. Here are some of the typical fees that many banks charge, according to CNBC and NerdWallet:
· Monthly service fees: these fees are charged just for having a checking account and typically cost bank customers around $15 per month
· Overdraft fees: these are charged if you spend more money in your account than what you have available. It can cost customers upwards of $35 per incident
· ATM-use fees: these average around $2.50 each time you use an ATM that is not associated with your bank
· Online banking use fees: convenience shouldn’t cost more to bank online
· Minimum maintenance fees: charging you more money just to keep your account open
· International money transfer fees: added fees for sending money internationally come with an additional charge upwards of $25 every time you send money to family and friends.
Sometimes, banks will add additional fees and penalties for actions, such as:
· A Minimum opening deposit
· A Minimum account balance
· A Required monthly direct deposit
Your hard-earned money shouldn’t betaken away by hidden fees. If you are looking for a no-additional-fee spending account or are curious to know how much you are paying for your existing spending account, ask for your bank’s fee schedule.
There are alternatives out there to help you keep more of your money.
How Does Fair Help You Get Rid of the Extra Fees?
Fair is a neobank and wealth-building platform design to empower your financial freedom.
Some people spend hundreds of dollars in bank fees every year. Fair members can join for FREE — and never pay an additional fee again.
Fair membership includes:
· Up to 2-day early access to direct deposit
· MasterCard® Debit Card
· Convenient and secure mobile app access
· Unlimited international money transfers
· Access to more than 55,000 in-network ATMs through Allpoint
· No overdraft fees
· Earn 4% APY on you cash in a Wealth Building account
Start taking control of your finances by eliminating excessive fees. Avoid those fees with a no-cost Fair membership today.