Checking account fees are charges that may show up when you use your account in certain ways or don’t meet your bank’s conditions.

At first, a few dollars here and there may seem pretty harmless. But over time, those small charges add up, and the total might surprise you.

The good news is that most fees can be reduced or waived once you know their triggers. If you’re ready to hold onto more of what you earn, it’s worth comparing options like no fee checking accounts and learning which charges you can sidestep.

As you read, consider pulling up your recent transactions and monthly statement — you might recognize a few of these charges.

1. Monthly maintenance fees

A monthly maintenance fee is a recurring charge your bank applies simply for keeping your account open. This fee can range from $5 to $20, but the neat part is that you don’t always have to pay it.

Some banks waive your monthly maintenance fee if you meet certain requirements, such as maintaining a minimum balance or setting up direct deposit. But if you don’t want to think about them at all, there are checking accounts with no monthly maintenance fee.

2. Overdraft fees

Your bank may charge an overdraft fee when they cover a transaction that exceeds your available balance. For example, if you have $50 in your account but make a $60 purchase, your bank may cover the difference but charge you a fee for doing so.

The typical overdraft fee is $25 to $30, which can sting even more when the fee is higher than the difference covered.

A few ways to lower your risk:

• Turn on balance alerts, so you know when your funds are running low
• Link a backup account (such as a savings account) to cover shortfalls automatically
• Take advantage of early pay to access your paycheck a few days early — giving you the funds you need to cover bills before your balance runs low

3. Out-of-network ATM fees

Out-of-network ATM fees kick in when you use an ATM that isn’t part of your bank’s network. The average out-of-network ATM fee is around $5 per withdrawal. While it may not break the budget, this small charge can add up fast if you withdraw cash frequently.

The fix is simple: use an ATM in your bank’s network. Many banks offer ATM locators on their mobile app or website, so you can plan your cash trips accordingly and avoid a surcharge fee.

4. Paper statement fees

Some banks charge $1 to $5 a month just to mail you a piece of paper. It’s easy to overlook, but it’s also one of the simplest fees to eliminate. Switching to e-statements usually takes just a few minutes through your account settings.

5. Wire transfer fees

Wire transfers are a method of electronically transferring money from one bank account to another. Sending a domestic wire typically costs $25 to $30, while international transfers can cost $40 to $50 or more — and some banks add exchange-rate markups on top of that.

If you send money regularly — to family abroad or for business — it’s worth knowing your bank’s rates upfront. ACH transfers and third-party services may be cheaper ways to transfer money and worth exploring.

6. Stop payment fees

When you put in a stop payment request, you ask your bank to cancel a check or payment before it clears, but it comes at a cost. You may be charged $20 to $35 every time you submit a stop payment on a check or scheduled transaction.

Only use stop payments when necessary — like when a check is lost, stolen, or sent to the wrong person — to avoid the fee.

7. Inactivity fees

Your bank may apply an inactivity fee — which can range from $5 to $25 — when your account has had no transactions for a certain period of time. Banks vary on how long before they consider an account “inactive,” but six to twelve months without any activity is common.

If you have an account you rarely touch, set a recurring reminder to make the occasional small transaction. Or, if it’s no longer serving a purpose, consider closing it.

8. Non-sufficient funds (NSF) fees

A non-sufficient funds fee is what happens when your bank declines a transaction due to a low balance and still charges you $15 to $20 for the trouble. Keeping a small buffer in your account is the simplest way to avoid this one.

Keep more of your money with a few small changes

Fees are easy to miss, but that doesn’t mean you’re bad at managing money. With a few small adjustments, you can start saving a bit more than you did last month.

So, pick one thing today: turn on low-balance alerts, look up your account’s overdraft rules, switch to paperless, or start comparing no-fee checking accounts to see how much of this you can skip altogether.

You work hard for your money. Your checking account should return the favor.

Notice: Information provided in this article is for information purposes only and does not necessarily reflect the views of the publisher or its employees. Please be sure to consult your financial advisor about your financial circumstances and options. This site may receive compensation from advertisers for links to third-party websites.

Sources:

https://www.bankrate.com/banking/checking/checking-account-fees/
https://www.bankrate.com/banking/checking/checking-account-survey/
https://www.investopedia.com/terms/i/inactivityfee.asp