You may have a “free” checking or savings account, but if you’re not careful about how you manage it, fees could make the account much more costly than you realized.
Check the fine print in your account terms, or ask a bank representative about what you can be charged for. Here are a few things to look out for that may result in fees:
- Balance under the account minimum.
- Overdrafting the account.
- Withdrawing money at another bank’s ATM.
- Making deposits with a teller.
- Calling customer service.
- Exceeding a certain number of transactions in a month.
- Paying bills or transferring funds online.
If a fee applies to your account and is tough to avoid, for example if you often have a need to withdraw from other bank’s ATMS, you may want to ask if there is another account type that would suit you better or shop around for accounts with better terms from other institutions.