Most of us know that our banks will charge a fee for overdrafts, falling below your account minimum or using an ATM at another bank. But there are other fees hidden in your contract’s fine print and you probably won’t know about them until you get hit with a surprise charge.
Here are some lesser-known, but still frustrating, bank fees:
1. Debit Card Replacement
Losing your wallet or bank card can be stressful and many banks add insult to injury by charging a fee to replace your lost card. On average, banks charge about $5 to send you a new debit card, and if you need it in a hurry, even banks that provide free replacement card will charge for speedy shipping. You should be prepared to spend as much as $25 for a replacement If you want your card quickly.
2. Returned Deposited Item
A bounced check can be maddening, especially when you’re on the receiving end. To make matters worse, you’ll likely be hit with a fee for someone else’s poor money management. When banks have to return the funds that were deposited, most will not only deduct the amount of the deposit, but will also charge you a fee for the returned deposited item. The cost at most banks is about $12, but the fee can climb to $19 at some banks.
3. Wire Transfer
When you need to send money to an outside account, a speedy wire transfer is an appealing option, but the service will cost you a pretty penny. Sending a domestic wire transfer costs about $30, and if you’re sending funds internationally, you could pay $40. If you’re on the receiving end, you’ll likely face a charge of about $15. If you use an automated clearing house, or ACH, the transfer takes longer, but it comes at a much cheaper price.
4. Stop Payment
If you make a mistake — like sending a payment for the wrong amount or the check you sent is lost — it’s nice to know that your bank has your back. A stop payment allows your bank to intercept and cancel your check before the funds are taken out of the account, but the maneuver is a pricey one. Stop payments are one of the most expensive services available for checking accounts, and on average, you’ll pay over $30 in fees.
5. Foreign Transaction
Excited about your trip overseas? You might want to have a chat with your bank before you leave. Many banks charge a foreign transaction fee for debit purchases that occur outside the U.S. Fees can cost 3% of your total purchase and some banks assess a fee of $5 for foreign ATM withdrawals. You can often get around these charges by finding out if your bank has any partnerships with foreign banks or using a travel friendly credit card with no foreign transaction fees.
6. Paper Statements
If you haven’t gotten around to changing your statement preferences to email delivery, you might want to consider switching to save some money. Banks are increasingly pushing customers to halt paper statements, which cost money to print and mail. The average cost of about $2 a month is often tacked onto your monthly service fee.
7. Early Closure
When you and your bank aren’t seeing eye-to-eye, you may decide to close your account, but even that might cost you. Some banks have a minimum waiting period that can last for 180 days. If you decide to shutter your account before the waiting period is up, expect to pay $25 to $30 to end your banking relationship.
Wallet lost in the sand image via Shutterstock.