What fees should I avoid when choosing a new bank?

Maintenance fees are regular charges banks apply to your account, often monthly, for holding the account open. These can sometimes be waived by maintaining a minimum balance or setting up direct deposits.

To avoid overdraft fees, regularly monitor your account balance, set up low balance alerts, or opt out of overdraft protection services.

ATM fees are charges for using an ATM outside of your bank's network. To avoid them, use in-network ATMs or choose a bank that reimburses out-of-network ATM fees.

Foreign transaction fees are charges for processing transactions in a foreign currency or through a foreign bank. Choose a bank account with no foreign transaction fees if you travel frequently.

Some banks charge a fee for receiving wire transfers. To avoid these, search for a bank that offers free incoming wires or explore alternative money transfer services.

Monthly service fees can often be avoided by maintaining a minimum account balance, setting up direct deposits, or enrolling in paperless statements.

Early account closure fees are charged if you close your account within a specific timeframe after opening it, typically within 90 to 180 days.

Paper statement fees are costs associated with receiving mailed paper statements. Opt for electronic statements to avoid these fees.

Returned item fees occur when a check or transaction is returned due to insufficient funds. Avoid writing checks or making payments without sufficient funds.

Inactivity fees are charged when an account shows no activity for a certain period. Keep your account active with regular transactions to avoid these fees.

Teller fees are charges for conducting transactions through a bank teller rather than using digital or automated services. Use online banking or ATMs to avoid these fees.

Most banks do not charge for mobile deposits, but it's important to confirm with your bank to avoid any unexpected fees.

Some banks charge fees for transferring funds between accounts, especially if they are at different institutions. Use in-network transfers to avoid these fees.

Stop payment fees are charges for requesting the bank to stop a specific check or payment. Only use this service when necessary to avoid fees.

Many banks charge a fee to replace a lost debit card, especially if expedited shipping is requested.

Minimum balance penalties are fees charged if your account balance falls below a specified amount. Maintain the required balance to avoid penalties.

Some banks charge fees for closing accounts, particularly if they are closed shortly after being opened. Review your bank terms to understand any charges.

Some banks may charge for transactions done via a video teller machine (VTM) if they consider it a premium service. Check with your bank.

Yes, insufficient funds fees are charged when transactions are attempted that exceed your available balance. These can be avoided by keeping track of your account balance.

While uncommon for consumer accounts, some banks might charge fees for point-of-sale (POS) transactions. Ensure your bank account has no fees for card purchases.