Bank fees and charges are costs associated with various banking services and account maintenance, often imposed by financial institutions to generate revenue and cover operational expenses. Common fees include monthly maintenance fees for checking or savings accounts, ATM fees for using out-of-network machines, overdraft fees for spending more than the available balance, and insufficient funds fees for failed transactions. Other charges may include wire transfer fees, foreign transaction fees, and early account closure fees. While these fees can add up, many banks offer ways to avoid them, such as maintaining a minimum balance, setting up direct deposits, or using only in-network ATMs. Understanding the fee structure of your bank and choosing accounts that align with your banking habits can help minimize these costs.
