From the course: Personal Finance Concepts Everyone Should Know

Unlock the full course today

Join today to access over 23,400 courses taught by industry experts.

Understand fees associated with your bank accounts

Understand fees associated with your bank accounts

From the course: Personal Finance Concepts Everyone Should Know

Start my 1-month free trial Buy for my team

Understand fees associated with your bank accounts

“

- If you're like me, you hate paying fees because being nickled and dimmed is annoying. That's why we're going to talk about the most common fees charged by banks and credit unions, so you can avoid them. First, monthly maintenance fees. This is a fee charge for just having a bank account. Most financial institutions will waive it if you meet minimum balance requirements or set up direct deposit. Next is an overdraft fee or non-sufficient funds fee. These are slightly different, but we won't get into the weeds. You'll get hit with this fee if you try to spend more than what's in your bank account. The average overdraft fee is $35, and that's per transaction, so if you use your debit card four times in one day without enough money in your account, you'll pay $140. Yikes. To avoid this, ask your bank or credit union about overdraft protection, so this can't happen. Next is ATM withdrawal fees, which you probably know about. You're hit with this if you use an ATM that's not in your…

Contents