Checking basics, Ch. 3: Fees, fees and more fees

Checking Basics

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pen writing a check and the corner of a $1 bill

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Fees, fees and more fees

Table of contents

Chapter 1: Types of checking accounts

Chapter 2: ABCs of ATMs

Chapter 3: Fees

Chapter 4: Protecting your account

14. Inactive account

This monthly or quarterly charge is assessed if you have no deposits or withdrawals over a specific period of time. Some banks charge if your account has been inactive for as few as 90 days. You may be able to avoid a fee if your balance is above a certain level. Some institutions don't start an inactivity fee until the account has been dormant for one year.

15. Money orders/cashier's check

A cashier's check will cost more than a money order.

16. Monthly service fee

Charged if a checking account balance falls below a certain amount.

17. Non-sufficient funds (NSF)

Bounce a check and you'll pay one of the highest per-item fees banks charge.

18. Notary fees

A notary public is someone who can certify or attest to documents. If you need something notarized, you'll pay a variety of fees depending on the document.

19. Overdraft

If you overdraw your account and the bank pays the check or debit, it will charge you a fee. The benefit is your check doesn't bounce and you don't get charged a fee by the business that accepted your check.

20. Return of checks with statement

You used to be able to get your canceled checks returned for free; now many banks charge a monthly fee for that service.

21. Safe deposit box

An annual rental fee based on the size of the box.

22. Stop payment

Imposed when you use a check to pay for something and then change your mind.

23. Teller fee

Some accounts require you to do most transactions online, at the ATM or by phone. These accounts usually limit the number of times you can visit a teller each month and charge a fee for additional visits.

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Posted: April 1, 2005