Avoiding Common Banking Fees Vocabulary

Checking account service fees Checking account service fees – A monthly fee assessed by the financial institution that can often be waived with minimum balances or promotional opportunities.

Overdraft protection fees Overdraft protection fees - Overdraft protection is a line of credit that banks offer to their customers to cover their overdrafts. Overdraft protection fees are often assessed when a customer makes a withdraw from the account greater than the available funds at the time.

Minimum balance charges Minimum balance charges - Some banks charge a monthly fee for customers with low account balances.

ATM fees ATM fees – ATM fees can be assessed when a customer makes a transaction at an ATM. There are various types of fees including a surcharge fee imposed directly at the machine, and a fee assessed by the customer’s bank.

Check cashing fees Check cashing fee – Some institutions charge high fees for cashing checks. Fees to cashing checks can often be avoided with an established account at a traditional bank or credit union.