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Checking accounts may seem straightforward, but many come with hidden fees that can take a toll on your finances over time. By understanding these fees, you can avoid unnecessary charges and keep more of your money.
According to a 2024 MoneyRates study, Americans pay an average of $167 annually in checking account fees. A 2024 Bankrate survey has found ATM fees have hit record highs, with Americans paying more for out-of-network ATM use than at any time since 1998. These costs can accumulate quietly, draining your balance without you even realizing it.
Here's a closer look at some of the most common checking account fees to watch out for and how you can avoid them.
Monthly service fees are one of the most common types of fees associated with checking accounts. These fees, typically ranging from $5 to $15, are charged simply for maintaining an account. Many banks apply them to accounts that don’t meet specific criteria, such as receiving a minimum number of monthly direct deposits.
Overdraft fees, which can cost around $35 per occurrence, are charged when a transaction brings your balance below zero. Non-sufficient funds (NSF) fees are similar, applying when a transaction cannot be processed due to lack of funds. Unlike Alliant, which charges no overdraft fees, some banks may even charge you both fees for the same incident, turning a simple mistake into an expensive ordeal.
Using an ATM outside of your bank’s network can result in steep fees, typically ranging from $2 to $5 per transaction. In some cases, you may be charged both by your bank and the ATM operator, doubling the cost.
Many banks impose minimum balance fees when your account falls below a required threshold, whether calculated daily or averaged over the month. If your balance consistently hovers near the minimum, these fees can quickly add up, often ranging between $10 and $25.
Banks often charge a small fee for mailing paper statements, usually between $1 and $3 per month, as an incentive to switch to electronic statements. While the cost might seem minor, it can add up over time if you don’t act.
Beyond the typical fees like service and ATM charges, banks often hide additional fees in their terms that you might not even realize you're paying.
Understanding and managing your checking account fees is crucial to keeping your hard-earned money where it belongs — in your account. By being proactive and aware of potential charges, you can prevent fees from chipping away at your savings.
For a more streamlined solution, consider switching to a more transparent and cost-effective option like Alliant Credit Union. Alliant offers accounts with no monthly service fee, no overdraft fees, and no minimum balance requirements. You shouldn't have to pay for the privilege of having a checking account, and at Alliant, you won't have to.
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