Some banks charge for using ATMs not in their network. Ask if your bank offers low balance alerts to notify you, so that you don’t unknowingly drop below the minimum balance requirement. If you are required to have a minimum balance in your account, be sure to maintain that balance to avoid fees. Some accounts may have a minimum balance requirement to avoid a fee. Signing up for paperless statements and getting multiple products from one bank (instead of several banks) may be a way to eliminate some monthly maintenance fees. Ask if other fees can be waived with direct deposit. You might consider a bank that allows you to avoid monthly maintenance fees by direct depositing your paycheck. These fees may be lower or waived in certain situations, such as when you have direct deposit, maintain a minimum balance, or make a certain number of transactions each month. Make sure to look at your bank statements and try to use online banking and alerts to help you keep track of your bank account transactions.īanks can charge a monthly fee to maintain deposit accounts. It is your responsibility to stay current with the checks and transactions you have made from your bank account. If you write a check for more money than you have in your account without any overdraft coverage, the check will not be paid but you will still be charged an NSF fee.Īlso, Automated Clearing House (ACH) transactions, such as your direct payment or bill pay services, may be declined if you do not have enough funds in your account and be subject to an NSF fee.īanks typically charge a NSF fee for each transaction, and these fees too can be costly as they can have ripple effects similar to overdraft fees.
Banks are not required to obtain your opt-in for Non-Sufficient Fund (NSF) fees. Keeping track of your account balance will help you avoid charges for overdrawing your account in those situations, and also if you choose to opt-in for debit card transactions. While you have a choice to opt-in or opt-out of overdraft coverage for debit card transactions, you may not have a choice when it comes to using paper checks or other ways of making payments or purchases from your account. Your bank may still charge you a fee for transferring the funds automatically, but it is typically less than an overdraft charge. If you overdraw your checking account, the bank can pull funds from your savings to cover the shortage, as long as you have enough funds available. If you have a separate savings account, you might think about linking your savings account to your checking account when your bank provides this option. If you change your mind at any time after opting-in, you can still opt-out by contacting your bank. The opt-in form should be provided by your bank with the other account opening disclosures. You will be charged any overdraft fees that are incurred as a result. If you do opt-in for overdraft protection or coverage, then your bank may pay a debit card purchase or ATM transaction, even if the transaction overdraws your account. However, your bank may refuse your purchase if it will overdraw your account. If you don’t opt-in, you can’t be charged a fee. In general, for debit card transactions at ATMs or at merchants, consumers must opt-in, or agree up front, that the bank can charge you an overdraft fee for any debit card transaction that overdraws the account. These are charges assessed every day the account remains overdrawn. Some banks also may charge what are known as continuous overdraft fees, or daily overdraft fees. These fees can add up quickly and can have ripple effects that are costly. The cost for overdraft fees varies by bank, but they may cost around $35 per transaction. Overdraft fees occur when you don’t have enough money in your account to cover your transactions. For more on account disclosures, visit FDIC Consumer News January 2021 Issue. Common fees might include monthly maintenance or automated teller machine (ATM) withdrawal fees. All deposit-related fees that your bank can charge must be listed in these documents. Ask your bank, or any bank you are considering opening an account with, for the account opening disclosure and fee schedule. By knowing these options, you are empowered to choose an account that works best for you.īanks are required under Federal law to disclose any fees they charge in connection with a deposit account. When it comes to bank fees and charges, there are important things you should know, including the options you have when opening a deposit account. It is important to understand common bank deposit account fees, the options available, and ways you can minimize or avoid fees.
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