![]() ![]() This means if you use your debit card and you don’t have enough funds in your checking account to pay for the purchase, the bank won’t cover the purchase for you. You can ask to have a text message sent to you from your bank when your balance reaches a certain level, such as $50.Īnother way to avoid this fee is to opt out of overdraft protection. One way to do this is to sign up for alerts. How to avoid it: Keep careful track of your account balance. This setup is often called overdraft protection, and the service may include a charge. Some banks will cover the amount for you. If you spend $100 to see a show, an overdraft occurs. If you spend more money than you have in your account, it’s called an overdraft. Another option is to look for a bank that doesn’t charge ATM fees. How to avoid it: One way to steer clear of this charge is to make your withdrawals at an ATM that is in your bank’s network. 3 If you’re traveling or need to run to a different ATM in a pinch, you might face this type of bank fee. Many banks charge a fee if you take out cash from an ATM that isn’t in their network. Another option is to look for a bank that doesn’t charge a minimum balance fee. This will prevent you from paying bank fees. If you can, maintain the minimum amount or more in the account. How to avoid it: Check the minimum balance your bank asks you to keep in an account. If you usually have less than $500 in your checking account, you might have to pay a fee to the bank. Say your bank has a minimum balance set at $500. If you have less in the account, you could be charged this type of fee. 2 If the bank sets a minimum balance, you may be asked to have at least that amount or more in your account at all times. This is a charge that applies if your account dips below a certain balance. Ask your bank since this can vary from place to place. Some banks might not charge if you always have at least $1,500 in the account, for instance. Also, if you maintain a certain balance in the account, you may not be charged a maintenance fee either. Many banks don’t charge for younger account holders or those still in school. For example, if you’re a student or under the age of 25, you might not have to pay a maintenance fee. But at banks that do charge a maintenance fee, there may still be ways to avoid the charge. How to avoid it: Some banks don’t charge this type of fee at all. A bank maintenance fee is what you’re charged to keep your account safe and ready to use. Just like you may pay for a storage unit each month, you may have to pay to keep your money in a bank. ![]() Let's go over 10 common checking account fees, what they mean and when they might occur. ![]()
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