Banking Fee Calculator
Compare the true cost of different bank accounts based on your banking habits
The Hidden Costs of Banking
Monthly Maintenance
Many bank accounts charge a monthly fee unless you maintain a minimum balance or meet other requirements. These fees can range from $5 to $25 per month, adding up to a significant annual cost.
Transaction Fees
ATM withdrawals, overdrafts, wire transfers, and excess transactions can all incur fees. Some banks charge $2-5 for out-of-network ATM use and up to $35 for each overdraft.
Annual Savings
Choosing the right bank for your habits can save hundreds of dollars annually. Online banks and credit unions typically offer lower fees than traditional banks.
Frequently Asked Questions
What are the most common banking fees?
The most common fees include monthly maintenance fees, overdraft fees, out-of-network ATM fees, wire transfer fees, paper statement fees, and early account closure fees. Many banks also charge for stop payment requests, returned deposits, and replacement debit cards.
How can I avoid monthly maintenance fees?
Most banks offer ways to waive the monthly fee, such as maintaining a minimum daily balance, setting up direct deposit, making a minimum number of debit card transactions, or linking multiple accounts. Online banks often have no monthly fees or lower balance requirements.
Are online banks really cheaper than traditional banks?
Generally, yes. Online banks typically have lower overhead costs since they don't maintain physical branches. These savings are often passed on to customers in the form of lower fees, higher interest rates on deposits, and features like ATM fee reimbursements. However, they may have limitations with cash deposits or in-person services.
This calculator provides estimates for comparison purposes. Actual banking fees may vary based on specific account terms, promotions, and your actual banking behavior. Always review your bank's fee schedule for the most accurate information.