This is what you might refer to as a “fine print charge.” Though it isn’t commonly imposed, some banks do list this fee in their disclosures. Bank charges $20 for incoming domestic wires, $30 for outgoing domestic wires, $25 for incoming international wires, and $50 for outgoing international wires. Unlike ACH transfers-which charge no fees-wire transfers involve fees owing to the higher level of complication, especially with international wire transfers.Īs an example of wire fees, U.S. These are fees a bank will charge when you either initiate or receive a wire transfer. Many banks charge fees as high as $35 for an NSF. As NSF fees go, that’s on the low end of the scale. The bank will deny the payment and impose the NSF fee.įor example, Quontic Bank charges an NSF fee of $10. More commonly referred to as a non-sufficient funds fee, or NSF, this is a fee that will apply if you run a charge against your account but don’t have sufficient funds to cover it. Some banks even charge a daily fee that will be applied each day your account is overdrawn. Since this is a per-transaction fee, it will be applied to as many transactions as you have that overdraw the account. If you make transactions against a bank account that exceeds the balance, you will be charged an overdraft fee at many banks. That can be anywhere from $2 to $10 per excess transaction. If you exceed the limit, you may be subject to a per-transaction fee on the excess. For example, a checking account may limit you to no more than 100 transactions per month. If yours is one of them and you exceed the transaction limit, you may be subject to an excessive fee, typically between $10 and $30 per transaction.Ĭhecking accounts may also have activity limits.
This is common with savings accounts and money market accounts, which used to be limited to six withdrawals per month by Federal Regulation D. Many banks limit the number of transactions you can have in an account. But the specific amount of the penalty can vary by the CD term.įor example, the same bank that charges three months’ interest for early withdrawal on a certificate maturing in less than one year, may charge six months’ interest on a CD with a longer term. But if you need to withdraw funds from the CD, or liquidate it entirely, the bank will charge an early withdrawal penalty.įirst Citizens Bank charges a penalty equal to three months’ interest on its high-yield 11-month CD. The bank agrees to pay a fixed interest rate during the entire term of the certificate. That’s because you invest your money in a certificate for a specific amount of time, which can be anywhere from three months to 10 years. Early withdrawal penalties on CDsĬertificates of deposit (CDs) are what are known as time deposits. The fee can range between $3 to $5 per transaction, which can become serious money if this becomes a frequent practice.Īdding insult to injury, the owner of the out-of-network ATM may also charge you a fee, resulting in two fees for the same transaction. But if you make a transaction at an out-of-network ATM, the bank may charge you a fee. Transactions completed through those ATMs are usually fee-free. Most banks either operate their own network of ATMs or participate in large third-party ATM networks. That’s because checking accounts permit more activity than other accounts, like savings accounts and money markets, which are less likely to charge a monthly maintenance fee. Most typically, maintenance fees apply to checking accounts. Monthly maintenance/service feeīanks charge these to maintain certain accounts. Here are nine of the most routine ways banks extract money from customers: 1.
Not every bank charges all common fees, and some add a few that are unusual. Bank fees you should be aware ofįees vary from bank to bank. In this article, we’re going to discuss nine common types of bank fees, and how to avoid them. This is multiplied if you have several accounts through your bank, including checking accounts, savings accounts, and credit cards. But one thing banking isn’t is free!īlended into that mix, almost inconspicuously, is a series of fees that could add up to serious money over one year. It’s fast, efficient, and-with the advent of online and mobile banking-incredibly convenient. Banking has evolved into a miracle of the modern economy.