Your money is your money, and you thought that the bank account was going to help you save money right? Not always, but if you make yourself more aware of what type of bank accounts are out there you can avoid some types of bank fees and keep your money longer.

Bank fees are charges on the accounts for certain things that you do with your money while it is in that account. Service charges are fees on a bank account just for having an account. Isn’t that nice of them?

A service fee could be a monthly or a yearly fee. Some accounts have transaction fees if you write more than 10 checks a month, or if you do not keep a monthly balance in your account. Service charges can run from $1.00 to $10.00 or even more. Know what your bank service charges are and what the transaction limits are on your accounts.

The Bank Taking Money Directly from Your Account

You might think you have $20 left in your account but banks fees have taken more than half of that money and now you have less, which can lead you to a checking account that is going to bounce a check. Service charges and transaction fees can be taken out of your account as they are incurred without notifying you every time.

Some types of bank fees include overdraft fees, ATM fees, and transaction fees. While these can range from $5.00 to $50.00 it can also lead to more problems with your checking account as you do not have as much money as you thought you did at all. Bank fees are legal and they are stated in the papers that you are given when opening any account. Services fees on accounts at the bank are all about how the bank is going to make money.

Using ATM Cards

If you are using your ATM card, your debit card, at a bank that is not your own, you are most often charged some type of fees by the bank. While you could go right down the street to your own bank, you went to another bank, and now the bank fees are going to be taken out of your account the same time your money is going to reach your hand. Transaction fees and ATM fees are similar. These are not hidden charges because when using your ATM card, the screen is going to ask you if you accept the fees for using your debit card at the bank that is not your own.

Bounced Check Fees and Charges

If you have an overdraft protection on your account, this is going to be a service that the bank provides to honor checks even when you do not have the money in your account. While your check is still going to be “good” and the money will pass through your account, you will still be charged a bank fee, an overdraft fee.

Wire transfers, sending money electronically and sending money anywhere by use of electronic means can often add up the bank fees as well. Know what the fees are and ask the bank if you must. Refer back to the papers given to you on the account when you opened the account. If you are not aware of how much the bank is going to take for a type of transaction it can come back to hurt you as you will have less money than you originally thought in your bank account.