American banks collected $15 billion in fees last year that most customers didn't realize they were paying. Here are the sneakiest charges and how to dodge them.
1. Paper Statement Fee ($2-$5/month)
Switch to electronic statements. It takes 30 seconds and saves $24-$60/year.
2. Inactivity Fee ($5-$25/month)
Some banks charge if you don't use your account for 6-12 months. Set up a small recurring transfer to keep it active.
3. Foreign Transaction Fee (1-3%)
Charged on every purchase abroad or from foreign merchants online. Solution: Use a card with no foreign transaction fees (most travel cards).
4. Excessive Withdrawal Fee
More than 6 withdrawals from savings per month triggers a fee. Use checking for regular transactions.
5. Wire Transfer Fee ($15-$50)
Use Zelle (free, instant) or ACH transfers (free, 1-3 days) instead.
- 6. Account maintenance fee: $10-$15/month if below minimum balance. Switch to a no-fee bank (Ally, Discover, Capital One).
- 7. ATM fees: $3-$5 per out-of-network use. Choose a bank that reimburses ATM fees.
