When you or your family use a bank, sometimes there are extra charges for certain services. These charges are commonly referred to as "bank fees." Here are some of the most common ones:
1. Monthly Maintenance Fee
A monthly maintenance fee is a fee that some banks charge just for keeping your account open. It helps cover the bank's costs for services like customer support and account management.
How can you avoid it? Some banks will not charge this fee if you keep a certain amount of money in your account or if you use your debit card a certain number of times each month.
2. ATM Fee
If you use an ATM machine that doesn’t belong to your bank, you might have to pay an ATM fee to use the other bank’s ATM machine. The reason for this is your bank has to pay a fee to the other bank whose ATM you used, so they pass this cost on to you.
How can you avoid it? Try to use only ATMs from your own bank. Most banks list where you can find their ATMs on their websites.
3. Overdraft Fee
An overdraft fee is a fee you get charged if you spend more money than you have in your account. It covers the cost of the bank paying out more money than you have.
How can you avoid it? Keep track of how much money you have in your account. You can also sign up for alerts that notify you when your balance is low.
4. Returned Deposit Fee
If you deposit a check that gets returned, meaning the person who gave you the check didn't have enough money in their account to cover the check, your bank might charge you a returned deposit fee. The fee covers the bank's cost for processing the returned check.
How can you avoid it? Only accept checks from people you trust, and make sure they have enough money to cover the check.
5. Wire Transfer Fee
A wire transfer fee is charged when you send money through a wire transfer, which is a way to move money quickly from one bank to another. The fee covers the cost of the banks working together to move the money safely and quickly.
How can you avoid it? Ask if there are cheaper ways to send money, like online payments or using apps that don’t charge as much.
If you have questions about fees, it's always okay to ask someone at your bank for help. They can explain more about why the fees are there and how you can maybe avoid them.
Have questions or need assistance?
If you have questions about this topic or need assistance with your banking needs, please speak to one of our knowledgeable staff at your local Bar Harbor Bank & Trust branch. We’re here to help you build a solid financial future.
