What are some examples of fees on a bank statement?

Fees Commonly Encountered on Bank Statements

Bank statements provide a detailed record of all transactions and charges associated with your account. Understanding the different types of fees can help you manage your finances effectively. Here are some common examples of fees that may appear on your bank statement:

Monthly Account Maintenance Fee:

Many banks charge a monthly fee for maintaining your account. This fee is typically a fixed amount, regardless of account activity.

Overdraft Fee:

If you spend more money than you have in your account, you may incur an overdraft fee. This fee is typically a flat amount, plus interest charges on the overdrawn amount.

Transaction Limit Penalty:

Some banks impose limits on the number of transactions you can make per month. Exceeding these limits may result in a penalty fee.

ATM Fee (Non-Network):

Using an ATM that is not affiliated with your bank may trigger a transaction fee. This fee is typically charged by the ATM owner.

Insufficient Funds Fee:

If you attempt to make a purchase or withdrawal without sufficient funds in your account, you may be charged an insufficient funds fee.

Wire Transfer Fee:

Sending or receiving wire transfers can incur a transaction fee. This fee may vary depending on the amount and destination of the wire.

Early Account Closure Fee:

Closing your bank account before the maturity date may result in an early account closure fee. This fee is typically a percentage of the account balance.

It’s important to note that the specific fees and charges that apply to your account may vary depending on your bank’s policies and the type of account you have. Carefully reviewing your bank statement and understanding the fee structure can help you avoid unnecessary expenses and manage your finances wisely.