Tips and Advice

Beware of Rising Bank Fees

Bank fees continue to rise, find out how these new fees might affect you and how to avoid racking them up.
unhappy couple with empty piggy bank
By AmOne
Updated on: November 10th, 2022

unhappy couple with empty piggy bank If you’re looking to save money you’ve already learned to ditch your daily coffee run, use public transportation and a slew of other tips. What about smarter banking?

Bank fees are common, but now it seems the fees your bank could be charging you are on the rise. This includes the minimum amount needed to open an account as well as monthly service fees.

According to a survey of over 100 financial institutions, bank fees have risen this past year and will likely be higher next year.

  • Average monthly service fees rose by $.80, which means customers could pay nearly $10 more per year.
  • ATM use for non-customers rose by $.03, and customers who use ATMs at banks besides their own could be paying $.18 more per transaction.
  • Average overdraft fees have grown by $.60 to nearly $30.

Many banks have also changed the minimum amount needed to open an account to over $400 on average.

While there are easy ways to avoid these fees, like not over-drafting your account, others may not be so easy to avoid.

If you find yourself in a bind an end up with an overdraft charge, contact your bank to see if they will waive the fee. Most banks allow a one-time courtesy fee waive which could save you up to $30. ATM charges may also be avoidable as some banks, such as PNC Bank, charge you initially but return the fee within 24 hours to your account.

Also, search for banks that offer free checking like credit unions and online banks such as Ally or ING Direct.

The Takeaway

Smarter banking means smarter searching. If you’re thinking about switching banks, research ones that will fit your needs and where you won’t be charge you an arm and a leg. If you’re interesting in finding a business loan, personal loan, or debt consolidation loan AmOne can help you find a lender that will meet your needs. AmOne is America’s one source for all things money; your call to us is free and we won’t try to sell you anything. Find out how to reach us and learn more about how AmOne can help you today.