What are the 7 common banking fees?

One of the most common banking fees that individuals and businesses encounter is the monthly maintenance or service fee. This fee is typically charged for maintaining an active account with the bank and can vary depending on the type of account and the bank's policies.

Wire transfer fees are charged for sending money electronically from one bank account to another. These fees can vary depending on the amount being transferred and the banks involved in the transaction. However, for those who need to send large amounts of money quickly, wire transfers can be a convenient option.

Another common fee that can quickly add up is the out-of-network ATM fee. This fee is charged when a customer uses an ATM that is not affiliated with their bank. The fee can be charged by both the ATM owner and the customer's bank, resulting in a double charge.

Excessive transaction fees are also a common occurrence in banking. Banks may impose fees for exceeding a certain number of transactions within a given time frame. These fees can be particularly burdensome for businesses or individuals who make a large number of transactions.

Overdraft fees are a common source of frustration for many bank customers. When an account holder spends more money than they have in their account, the bank may charge an overdraft fee. These fees can be costly and can quickly escalate if the account remains overdrawn.