There are several types of fees you get charged when you don't follow the rules. It's important to understand them well in order to avoid these fees.
Account fee: If you are not familiar with the rules of your account, you may get charged a fee- and those can add up quickly, without even you knowing.
Your account balance is the amount of money you have in your account. Some of our accounts require that you have a minimum amount in there at all times. If you don't have the minimum required balance, you could be charged a fee.Banks usually charge a fee if you use another bank's ATM.
ATM fee: Banks charge money if you use another bank's ATM.
Returned check fee: It's never a good idea to make a payment when you don't have the money in your account. In fact, it's actually illegal to write a check if you can't cover the amount. If the check does clear before you have the money, your bank will likely charge you a fee - this is called a bounced check. And if you think it might take several days for a transaction to clear, think again - with electronic payments and mobile apps, bank transactions go through faster than ever before.
Service Fee: A fee for having less in the account than the minimum balance required by the bank. it's a good idea for the person to call the bank. Sometimes, they'll reverse a fee if you ask, and it's a chance for you to find out about other fees.
Conclusion:
Besides extra charges for using an out-of-network ATM, bouncing a check, and special "service fees," there are other types of fees you may encounter. For instance, you may run into a required balance fee if the amount of money in your account dips below a certain amount.An overdraft fee can be charged if you take more money out of your account than you actually have. To avoid these extra charges, educate yourself about your account, and you'll find that it's easy to be fee free.
Account fee: If you are not familiar with the rules of your account, you may get charged a fee- and those can add up quickly, without even you knowing.
Your account balance is the amount of money you have in your account. Some of our accounts require that you have a minimum amount in there at all times. If you don't have the minimum required balance, you could be charged a fee.Banks usually charge a fee if you use another bank's ATM.
ATM fee: Banks charge money if you use another bank's ATM.
Returned check fee: It's never a good idea to make a payment when you don't have the money in your account. In fact, it's actually illegal to write a check if you can't cover the amount. If the check does clear before you have the money, your bank will likely charge you a fee - this is called a bounced check. And if you think it might take several days for a transaction to clear, think again - with electronic payments and mobile apps, bank transactions go through faster than ever before.
Service Fee: A fee for having less in the account than the minimum balance required by the bank. it's a good idea for the person to call the bank. Sometimes, they'll reverse a fee if you ask, and it's a chance for you to find out about other fees.
Conclusion:
Besides extra charges for using an out-of-network ATM, bouncing a check, and special "service fees," there are other types of fees you may encounter. For instance, you may run into a required balance fee if the amount of money in your account dips below a certain amount.An overdraft fee can be charged if you take more money out of your account than you actually have. To avoid these extra charges, educate yourself about your account, and you'll find that it's easy to be fee free.