Bank Fees – Ah, bank fees. If you’re anything like me, the moment you see a charge pop up in your account that you weren’t expecting, you feel like you’ve been hit with a brick. It’s the worst, right? I’ve had my fair share of frustration with banks over the years—whether it’s that sneaky overdraft fee or a fee for something I didn’t even know existed.
The thing is, banks aren’t shy about charging fees. In fact, many of them count on us not paying attention to the fine print. But don’t worry—I’m here to help you avoid getting surprised next time you check your balance. Here are five bank charges you should absolutely watch out for, based on personal experience and some lessons learned the hard way.
Bank Fees: 5 Charges You Should Watch Out For
1. Overdraft Fees
This one’s a classic. If you’ve ever gone a penny over your available balance (or worse, multiple dollars), you’ve probably been hit with an overdraft fee. Now, I remember the first time it happened to me—I was buying lunch, and I swiped my card, thinking I had enough in my account. Nope. I didn’t. And bam, $35 overdraft fee slapped me across the face.
What’s worse? Sometimes it’s not just a one-time fee. Many banks will continue to charge you overdraft fees if there are multiple transactions that go beyond your balance. I was lucky enough to get the fee waived the first time by calling customer service and explaining my mistake. But it’s a trap that’s easy to fall into, especially if you don’t regularly monitor your account.
Pro Tip: Set up alerts with your bank to notify you when your balance is low, or better yet, link your checking account to a savings account that acts as a backup for overdrafts. It’s a great way to avoid those heart-dropping fees.
2. ATM Fees
Oh, the dreaded ATM fee. I’ve definitely been there, standing at an out-of-network ATM, seeing that $3.00 charge pop up, and just cringing. It’s honestly one of the easiest fees to avoid, but it’s so easy to forget when you’re in a pinch.
A couple of years ago, I found myself on vacation, needing cash, and not even thinking about the ATM fee. By the time I got home and checked my account, I realized I’d been charged every single time I took out cash. Over a couple of days, that added up to about $15 in extra fees. It doesn’t seem like much at first, but it’s still money I could’ve kept in my pocket.
Pro Tip: Always try to use an ATM that’s within your bank’s network. Most banks will allow you a certain number of fee-free withdrawals each month. If you’re traveling, it might be worth checking if your bank has partnerships with other networks to avoid those out-of-network fees.
3. Monthly Maintenance Fees
This is the one that always catches people off guard. These fees often get buried in the fine print when you open an account, and to be honest, a lot of us don’t realize we’re paying them until we get hit with them. I learned this lesson the hard way when I had an old checking account that charged me a $10 monthly fee if my balance dipped below a certain amount. And guess what? It often dipped below that amount.
I wasn’t paying enough attention, and before I knew it, I’d paid $120 in fees that year without realizing it. That was when I realized it was time to shop around for a new bank that offered a no-fee checking account.
Pro Tip: There are plenty of free checking accounts out there, so don’t settle for one that charges you just to keep your money in it. If you already have an account with a monthly maintenance fee, consider switching or calling your bank to see if they can waive the fee based on your activity or account balance.
4. Foreign Transaction Fees
For those who travel a lot (or make purchases online from international retailers), foreign transaction fees are the sneakiest of the sneaky. They seem harmless at first—just a couple extra bucks on an international purchase or ATM withdrawal. But trust me, these fees can pile up quickly.
I had a friend who went on a European vacation and didn’t realize her credit card had a foreign transaction fee of 3%. So, she’d go out to eat, buy souvenirs, and every single transaction would be subject to an extra charge. By the end of the trip, she’d ended up paying nearly $100 in extra fees just because she didn’t check beforehand.
Pro Tip: Before you travel, check your bank’s or credit card’s foreign transaction policies. If you plan to make purchases overseas, it might be worth applying for a credit card that doesn’t charge foreign transaction fees. And if you’re withdrawing cash from ATMs abroad, make sure you’re aware of any international fees your bank might charge.
5. Returned Deposit Fees
This one surprised me—mainly because I had no idea it was a thing until it happened to me. I had deposited a check from a client once, and a few days later, I found out that the check had bounced. Apparently, my bank wasn’t going to let me off easy just because it was a mistake on the other person’s part. I was charged a returned deposit fee for the inconvenience of having the check bounce. I was livid!
I’d never even considered that this could happen. But after talking with my bank, I realized this type of fee is pretty common when checks don’t clear. Not only do you get the bounce fee, but sometimes your account balance will take a hit as well.
Pro Tip: Always double-check the validity of checks before depositing them, and if you’re ever unsure about whether a check will clear, call your bank beforehand. In the meantime, watch your account closely after any deposits to catch any problems as early as possible.
Wrapping It Up
Bank fees are the kind of thing that sneak up on you, and before you know it, you’ve handed over a chunk of your hard-earned money. But the good news is, most of these fees can be avoided if you pay attention and take a few proactive steps. If you keep an eye on your account, set up notifications, and maybe even switch banks if needed, you’ll save yourself from a lot of frustration down the road.
And hey, don’t be afraid to call your bank and ask about fees. You’d be surprised how often they’ll waive something if you catch it early. So, next time you check your balance, be sure to keep an eye out for these charges—and maybe share this with a friend so they don’t fall victim to them too.
