This fee is usually charged monthly or annually for the use of an account. Some banks or credit unions will waive the fee if you maintain a certain daily balance or use direct deposit for your paychecks.

An account can be charged this fee when there is a required minimum balance that must remain in the account and the account balance falls below that amount.

It is important to know before you open an account which ATM locations are accessible for you to use at no cost. You may be charged additional fees to use an ATM that is not related to your bank. Also, the ATM operator, such as a convenience store owner, can charge an access fee for cash withdrawals. Check with your bank or credit union to find out their ATM policy.

Some accounts may be limited in the number of transactions it can process during a specified timeframe. If you exceed the amount of transaction you can be charged an excess transaction fee.

Many times banks or credit unions require you to have your account open for a certain period of time before it can be closed. Check your account terms before you consider closing your account to avoid an early account closing fee.

An overdraft fee occurs when you don’t have enough money in your account to cover a transaction, but the bank pays the transaction anyway. You can overdraw your account through checks, ATM transactions, debit card purchases, automatic bill payments, and electronic or in-person withdrawals.

An NSF or non-sufficient funds fee may occur when your check or electronic authorization is not paid due to a lack of funds in your account this is commonly referred to as a “returned” or “bounced” check.