Banks will charge you for literally anything if you let them. Here are the big ones:
Monthly fees ($5-15/month just for HAVING an account)
- How to avoid: Pick a bank with no monthly fee, OR meet their requirements (usually you need a minimum balance or direct deposit)
- Lots of online banks have zero fees
Overdraft fees ($30-35 every time you spend more than you have)
- How to avoid: Turn OFF overdraft protection (yes, really—it’s better to have your card decline than to pay $35)
- Or link your savings as a backup
- Or just… check your balance before you buy things
ATM fees ($3-5 when you use an ATM that’s not your bank’s)
- How to avoid: Only use your bank’s ATMs, get cash back at stores for free, or pick a bank that reimburses ATM fees
Minimum balance fees (some accounts charge you if your balance drops too low)
- How to avoid: Pick an account with no minimum, or just keep enough money in there
Pro tip: Online banks (Ally, Marcus, Discover, etc.) usually have NO fees and pay higher interest. Traditional banks (Chase, Bank of America) have branches but charge more fees.