Are you paying hidden checking account fees? Over time, those fees can really add up, especially if you don’t realize that you’re paying them. If your bank statements always show less money than you would have expected, then hidden checking account fees may just be the culprit. How can you tell if you’re paying hidden fees? Well, if you’re banking with a large, impersonal bank, fees are almost a given. You can avoid these sneaky fees by switching to a community bank or credit union that has your best interests in mind. Meanwhile, check out these hidden fees that you may be paying with your checking account.
If you overdraft your account, your bank may charge you a fee for that overdraft. That’s unfortunate, mostly because it makes it more difficult for you to get your account out of that negative balance. If you’re overdrafting on your account, why does your bank think that you can afford to pay extra fees? Sometimes, if you have a checking and savings account at the same bank, the bank may pull money out of your savings to pay for the checking overdraft fee. It’s a system that’s meant to protect clients, but at the end of the day, it’s just costing you money.
Paper Statement Fees
Do you still get paper statements in the mail? If so, then your bank may charge you extra for those statements. A lot of banks have switched over to paperless statements these days. That’s not a bad thing. It’s certainly a less wasteful approach to bank statements. However, many of these banks also impose a monthly fee on those who do still receive paper statements.
Maintenance and Requirement Fees
If you pay a monthly fee to use your checking account, then you’re probably very aware of that fee. However, other maintenance fees can show up if you don’t meet specific requirements. For example, some banks require that their clients keep a minimum balance of funds in their checking accounts. Those who don’t may get charged a fee. Once again, banks are charging people who have the least amounts of money because they don’t have money. Other banks may have other requirements. In any case, you should check the fine print on all your banking agreements.
Escape the Fees With Bundlefi
You don’t have to put up with hidden checking account fees. Let Bundlefi help you find an alternative. At Bundlefi, we connect people to the community banks and credit unions that can help them with all their banking needs. Ready to get started? Check out Bundlefi today.