How to Compare Fees for Bank Accounts
- 1). Ask about minimum balance fees. Some bank accounts assess a fee if the balance drops below a certain level during the month. For example, if the account requires a $500 minimum balance, and the account dropped to $300 during the month, the financial institution may charge a fee (this could be as high as $15 or more in some cases).
- 2). Take inventory of per item fees. For certain accounts, financial institutions may charge per item fees on items like checks. If you write a lot of checks each month, avoid these accounts. Even a small amount, like 50 cents for each additional check over 10, could add up each month.
- 3). Compare non-sufficient fund fees. Nobody wants to bounce checks. However, sometimes it happens. According to BankRate, as of 2010, non-sufficient fund fees were on the rise. These fees will cost about $30 per returned item. This can add up in a hurry.
- 4). Ask about ATM fees. Using an ATM that isn't owned by your bank can be expensive. The ATM owner charges a fee in addition to your own financial institution. According to BankRate, as of 2010, the average bank fee was $2.22. Consider where you'll need ATM access. Make sure the financial institution has ATMs in the area to avoid these fees.
