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5 ways you may get nicked by bank fees

Maintenance fees added to accounts
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Maintenance fees added to accounts

Even the most basic banking services are not immune to rising bank fees. Hammer says consumers should expect fees for checking accounts and savings accounts that do not meet minimum balances or average daily balances.

Bank of America is raising minimum balance requirements throughout this year and charging a monthly account fee for customers who can't maintain those balances. Citigroup has added monthly maintenance fees of up to $30 for some checking account customers. Some banks are charging a monthly fee for customers who bank in the branch and request paper statements rather than banking solely online.

"Banks usually charge these fees under the auspices of 'account maintenance,' which is a real cost to them," Hermens says. "These fees run anywhere from $7 to $10 per month and usually apply to customers who only have one account. Banks will waive the fees for customers with multiple qualifying accounts, such as a checking account with a mortgage. This is a way to reward customers who give them more business."


 

 

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