Does every bank have fees?

[amastewa93]

I've been looking at my bank statements and have been getting irritated at the $20 I'm nailed to my account at B of A (a supposedly free checking account). Not to mention, they take $5 out of the savings account (even if there is nothing in there).

Do you know of any banks without these obnoxious fees? It seems everyone I talk to says their bank has them too. I do have a credit union account, but it isn't as easy to access as B of A for my everyday banking needs.

[james.hendrickson]

really, really good question.

[disneysteve]

I've been with BoA for years and have never paid a penny in fees.

Most bank fees require the customer to do something to trigger the fee. If you don't do those things, you won't pay any fees. So, for example, if your account has a minimum balance requirement, don't let your balance drop below the minimum. Don't bounce checks. Don't make late payments. Follow all of the rules to the letter.

[msomnipotent]

I haven't paid anything for TCF checking. I would close any savings account that charged me money to keep it. They should pay me, I don't pay them.

[creditcardfree]

No not all banks charge fees. Look for credit unions. And read your bank disclosures to understand what fees are charged and why. I think this is one of those things that no one should ever pay, there are easy ways to avoid them.

[MooseBucks]

I've been with BoA for years and have never paid a penny in fees.

Most bank fees require the customer to do something to trigger the fee. If you don't do those things, you won't pay any fees. So, for example, if your account has a minimum balance requirement, don't let your balance drop below the minimum. Don't bounce checks. Don't make late payments. Follow all of the rules to the letter.

Agreed. I bank with B of A and my wife and have accounts at 4 other banks also and don’t pay any fees for any of them. Two of the banks that we bank at are accounts that we had open since we were kids so they’re just sentimental. If they started charging fees we’d close those accounts out.

[Smallsteps]

I have not had fees on any of my accounts at a few different banks and CU.
I think most bank fees are based on things you can avoid like minimum balance or some cases like savings account may have limited amount of withdrawals per month etc.
Read the fine print and discuss it with your bank if you feel like you want to keep your money there. I have had nothing but issues every time I did any business with BOA but I am sure somewhere the fee gotchas are written out.

[Like2Plan]

I've never paid fees (over the past 44 years). Most of my banking has been at credit unions.
What are you paying fees for?

[bjl584]

I never pay any fees with my bank. I know that my bank does charge fees for overdrafting the account, but I've never done that.

[Gailete]

I bank at two different B&M banks and one on-line and don't pay fees for any of them unless I accidently overdraw my checking account. I'm surprised that you are having such trouble finding banks that don't charge fees.

If you are paid via direct deposit, then you can use a no fee on-line bank. If not, then you obviously want a bank that is nearby or at least has no-fee ATM deposits and withdrawals. But the others are correct. My banks do have fees if you don't follow their 'rules'. Like I think my one bank has to have a certain amount of direct deposits every month which is a no brainer, as I have all my on-line income direct deposited to the account twice a week for regular deposits as well as extra deposits throughout the month.

I use Northwest Bank regional to NY and W.PA. Based out of Warren PA.
The other is Key Bank (used to be First Niagara) for my business account and direct deposits. I Use CapitalOne 360 for on-line accounts both savings and stock investments as well as my Roth IRA.

Don't forget you can have more than one bank. So, pick them according to your banking needs.

[amastewa93]

I've never paid fees (over the past 44 years). Most of my banking has been at credit unions.
What are you paying fees for?

The only explanation on my statement is "Monthly Maintenance Fee." $5 per month from savings and between $10 and $15 from checking. I've not ever had an overdraft on the account and always keep the minimum balance. I'm thinking about switching to a more local credit union (Charlotte Metro Credit Union) since the CU account I already have open isn't very accessible here anymore... I'm just annoyed by these charges and can't seem to find a reason why they are occurring.

Thanks for the advice, guys. It sounds like I need to probably find a different account...

[disneysteve]

I'm just annoyed by these charges and can't seem to find a reason why they are occurring.

Thanks for the advice, guys. It sounds like I need to probably find a different account...

Have you asked the bank? It kind of sounds like you’re blaming the bank for your own lack of understanding of the terms of your account. I’m sure if you call customer service or go into a local branch they can explain the fees and tell you if there are ways to avoid them. I know that in online banking I can pull up my account terms including all fees that I could encounter.

[AJSimon]

My credit union doesn't charge me any fees, but I've been a member since the mid-90s.

[snafu]

Staff are under fierce pressure to increase profits at all banks. Did you see the latest fine charged to Wells Fargo Bank? Do you need a 'brick and mortar' bank or can you manage your financial needs electronically. CU offers a lot if you mostly use CC and automatic or digital transfers/payments.

[Captain Save]

From my experience .. at least all brick and mortar have fees.. .they will waive those fees if you meet certain criteria. For example, when I first signed up for BOA they would waive it if I sign up for direct deposit and continue to use Direct deposit from my job.

I ve never seen a brick and mortar bank that will let you use the account as you please without charging a fee.