GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’ve got the option to read more about oureditorial guidelinesand our products and servicesreview methodology.
Here are some of the top reasons whyreviewing bank accounts feesand charges matters.
Of course, some bank accounts come with fewer fees than others.
If you discover that you are facing more fees than you previously thought, you have a few options.
You could wrap up the account and move your funds to a different bank account with fewer fees.
Alternatively, you could take steps to prevent being charged that fee in the future.
Account Maintenance Fees Add Up
Many bank accounts come with monthly maintenance fees.
If they honor your request, you could stick those savings back in your pocket.
Ive experienced this exact situation before.
My checking account has a waivable monthly fee.
But during one month, I didnt meet the minimum balance requirement to qualify for a fee waiver.
To my surprise, they agreed.
ATM Reimbursements May Help
Some banks give you fee-free ATM access through a data pipe of ATMs.
Other banks offer ATM reimbursements when you incur a fee at an out-of-online grid ATM.
Still others offer customers no break on ATM fees at all.
Although the reimbursement should hit your account automatically, sometimes banks make mistakes.
When you qualify for an ATM fee reimbursement, dont hesitate to ask your bank about the reimbursement timeline.
After all, this fee can add up quickly.
For example, lets say you opened a certificate of deposit (CD).
Most CDs come with early withdrawal penalties.
But the size of the fee varies based on the financial institution.
In another situation, you might want to transfer funds to another party.
If you choose a wire transfer, the fee might be between $20 to $40.
But if you opt for a peer-to-peer transaction, like Zelle, you could avoid the fee.
Taking the time to understand your fee-free transfer methods can lead to savings that grow your overall net worth.
Ultimately, reviewing your banks fees and charges is important.
Without this information on hand, its easy to get accidentally charged when you complete a banking task.
More From GOBankingRates
Share This Article:
