Checking Account Fees Add Up

When you open a checking account, there are hidden fees that over time can cost a quite a bit of money. Unless you go over your monthly statements with a fine toothcomb, you may be losing dollars each month that belong to you. A few dollars each month may not seem like much to worry about, but those few dollars each month add up quickly. If you are opening a checking account, you can recognize and avoid the following otherwise hidden fees, and avoid losing your hard earned money.

Upon signing your contract with the bank to open your checking account, there will be several papers to go over. Usually somewhere in the middle of the series of papers will come the fee schedule. Look over it carefully; the following services are often detailed with fees outlined next to them. These fees are unnecessary and can be found free of charge with a truly free checking account.

Teller visit fees

These are fees charged to your account for walking into the bank and having a teller perform your transaction. These fees originated to encourage the use of online banking and ATM banking. This is a fee usually attached to some accounts, but not to others. In fact, these teller fees are often attached to "free" checking accounts.

Custom Checks

When the time comes to choose your checks, you will be offered a book to choose your checks. These catalogs offer cutesy designs with flowers or kittens. However, these checks will cost you many dollars more than the bank's standard checks. You should not pay more than $25 for your checks. (Unless of course you simply must have butterflies on your checks)

Check writing fees

Yes, some accounts carry a limit to the number of checks you can write each month. After you have reached your limit, you are charged a fee for each check that you write out of your account.

Direct Deposit fees

Many companies offer to pay their employees through direct deposit. This is when you get a statement of how much your employer has deposited into your account instead of giving you a check to take to the bank yourself. Some banks will charge a fee for this service.

Check Card fee

Everyone uses check cards these days and they are so convenient it is hard to turn them down. However, some banks will charge you a fee to give you one. This is an unnecessary charge because banks do not lose money by providing these.

Online Banking and Telephone Banking fees

Checking your balance and transactions is very convenient, convenience costs. If you are in the habit of constantly checking your balance online or over the phone, you could be chalking up some large fees.

These fees are all avoidable because there are absolutely free checking accounts out there. The trick is to take the time to do your research. If you are lucky enough to be interested in a bank that lays out their fee schedules online, then your research will be easy. However, if this is not available then the best way to go about finding an almost absolutely free checking account, then you should go in and speak to a client services representative.

They want your business, so do not be afraid to use these services listed as a checklist and ask about the bank's stance on all of these fees. If a bank is offering a free checking account, make sure that it truly is before you find out that it is in fact not free months later.