Simple ways to avoid bank fees

Start with your latest bank statement. Look for a fee you don’t recognize, then ask your bank what caused it and whether a waiver is available. One quick question could help you understand how to avoid the charge next time.

From monthly account fees to ATM charges, the details depend on your bank and account. Here are some options to explore and questions to bring to your bank.

Check your statement and ask about fee waivers

Scan your statement for charges labeled as service, maintenance, overdraft or ATM fees. If a label is unclear, ask the bank to explain it. You can also request a copy of the account’s fee schedule, which lists its charges.

See a fee you weren’t expecting? Ask whether the bank can waive it. A waiver isn’t guaranteed, but the conversation can also help you learn what triggered the charge.

When you contact the bank, have the statement date and fee name handy. You might ask:

• What caused this fee?
• Can you waive it this time?
• What would prevent the same fee in the future?
• Where can I find the full fee schedule?

Explore ways to avoid monthly account fees

Some checking accounts charge a monthly maintenance fee. Depending on the account, the bank may waive it when you meet certain conditions. Other accounts don’t charge a monthly fee.

Common waiver conditions include a qualifying direct deposit, keeping a required balance or making a set number of debit card purchases. Direct deposit means money is sent electronically into your account, such as a paycheck or government benefit.

Ask which conditions apply to your account and how the bank measures them. For example, does it require a minimum balance every day or an average balance over a period? Also ask what counts as a qualifying deposit. The answers can help you understand whether a waiver fits the way you use the account.

Review overdraft options and set balance alerts

An overdraft can happen when a transaction is covered even though there isn’t enough money in the account. A bank may charge a fee for that service. Ask your bank which transactions its overdraft settings cover and what each option costs.

One option is to opt out of overdraft coverage for everyday debit card and ATM transactions. Those transactions may then be declined rather than covered for an overdraft fee. That choice doesn’t necessarily cover every kind of payment, so ask about checks and other transactions too.

Another option may be to link a savings account for overdraft protection. Ask whether transfers have a fee and how they work before making a change. Some accounts also offer low-balance alerts through an app or online banking. An alert can be a useful reminder to check your account before a bill or purchase.

Find lower-cost ways to get cash

An ATM outside your bank’s network can come with charges from your bank, the ATM owner or both. Your bank can tell you where to find an in-network ATM and whether it reimburses any out-of-network fees.

Cash back with a store purchase is another option to explore. Check the store’s rules and your account terms first. If you’re already making a purchase, it may be a convenient way to get cash without a separate ATM stop.

Compare account fees and requirements

If your current account’s requirements are hard to meet, you can explore other accounts. Look at banks, online banks and credit unions, and check each account’s current terms rather than assuming all accounts work the same way.

Along with the monthly fee, look at overdraft charges, ATM access and any fees for services you use. Check the conditions for avoiding fees and ask how often those conditions must be met. You can also ask about electronic transfers as an alternative to services such as wire transfers, while checking the cost and timing of each option.

A qualified financial professional can help you consider account options in light of your circumstances. Before opening or changing an account, confirm its current requirements and fees with the institution.

Quick wins: your bank fee checklist

• Scan your latest statement and ask about any unexpected fee.
• Find out whether your monthly fee can be waived.
• Review overdraft choices and available balance alerts.
• Locate an in-network ATM or ask about cash-back options.
• Compare fees and requirements before changing accounts.