Common Checking Fees

3 Min. Read

When you’re looking for the best checking account, one of the first questions that comes to mind is, “What kind of bank account fees can I expect?”

Even with a free checking account, there are a few common fees you might encounter, such as monthly maintenance fees, overdraft fees, or ATM fees. The good news is that many banks and credit unions allow you to avoid these fees by meeting certain conditions.

Common Checking Fees to be Aware of

Here are some of the most common checking account fees and options to avoid them.

Monthly maintenance or minimum balance fees

Many banks charge a monthly maintenance fee on their accounts. Sometimes, this may be called a minimum balance fee, which you’ll be charged if your checking account balance falls below a certain amount in a monthly statement period.

Overdraft fees

Banks charge an overdraft fee when you create a negative balance in your account, and the bank covers the transaction. For example, you might make a debit card purchase for more than is available in your account, which will trigger an overdraft fee. Overdrafts on your account may also lead to sustained overdraft fees, which are charged after your account remains negative for a certain period of time.

ATM fees

It’s common to incur a charge for using an out-of-network ATM. Know which ATMs are in or out of network for your bank, and ask how much it will cost to withdraw money from an out-of-network ATM.

Paper statement fees

Many banks charge a fee if you want to receive a paper statement in the mail. Luckily, the popularity of online and mobile banking today makes it easy to avoid paper statements.

Additional Fees to Consider

Besides the common maintenance, overdraft, and ATM or statement fees that accompany many checking accounts, some banks and credit unions charge for additional services. Be aware of the following types of fees you could incur on some accounts:

Foreign Transaction Fees are fees for transactions made in foreign currencies or outside the country.

Stop Payment Fees are charges for requesting payment be stopped on a check or recurring payment.

Returned Deposit Fees are fees are for deposits that are returned due to insufficient funds or other reasons.

Balance Inquiry Fees are fees might be incurred when you check your balance at an out-of-network ATM.

Other Service Fees may be charged for services like cashier’s checks, wire transfers, or account research requests.

It’s true that some “free” accounts can end up costing you money. However, it’s possible to maintain a free checking account by understanding and fulfilling the conditions set by the financial institution. Whether it’s maintaining a minimum balance, setting up direct deposit, or using in-network ATMs, knowing your options can help you avoid unnecessary fees.

Open a Checking Account with Marine Credit Union

When you open a Marine Credit Union Checking Account, you open new possibilities. We can help you reach your financial goals with the checking account that’s right for you.