Important Bank Card Fees Information

Important Bank Card Fees Information

Woman and man with papers and a laptop

Bank card fees vary from account to account. Before opening one, it's important to understand which fees you might expect. Here are some to consider:

  1. ATM transactions. If you use an ATM outside your bank's network, you may be charged a few dollars per transaction. Try to locate an ATM for your bank or a surcharge-free machine. If you plan to travel, withdraw cash at your bank ahead of time.
  2. Low minimum balance. Some accounts require you to maintain a certain amount. If you dip below — even temporarily — you could be charged. Avoid this by keeping sufficient funds in your account, or switch to an account that doesn't require a minimum balance.
  3. Account inactivity. Idle accounts are sometimes subject to fees. If you don't use the account often, move your funds to one with less restriction. Or avoid the fee by scheduling a regular monthly transaction to keep it active.
  4. Closing fees. If you close an account, your bank may charge you a fee. Ask whether the bank can waive it, particularly if you open a new account with the same institution.[1]
  5. Debit card transactions. Debit cards sometimes impose a fee on each transaction. Review your statements carefully and determine if you can pay any expenses a different way.[2]
  6. Foreign transactions. Check to see if your card charges a fee for each transaction you make overseas. (This might include an online purchase from an overseas-based company.) If so, consider using a credit card with no foreign transaction fees, or use cash or travelers checks.[3]
  7. Paper statements. Some banks may charge if you request paper statements instead of getting them via email.[4]

 

[1] https://www.bankmobile.com/watch-out-for-these-seven-sneaky-bank-fees/

[2] http://www.investopedia.com/articles/pf/07/bank_fees.asp

[3] http://www.aol.com/article/2015/07/15/financial-fees-you-should-never-pay/21209194/

[4] https://www.bankmobile.com/watch-out-for-these-seven-sneaky-bank-fees/

Disclosures

State Farm (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates) is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites hyperlinked from this page. State Farm has no discretion to alter, update, or control the content on the hyperlinked, third party site. Access to third party sites is at the user's own risk, is being provided for informational purposes only and is not a solicitation to buy or sell any of the products which may be referenced on such third party sites.