One of the most frustrating aspects of modern banking is the number of fees you see at every turn. In many cases, it can feel as though the bank is charging you to access your own money.

If you’re like many people who don’t closely monitor their accounts, fees can feel like an unfortunate part of life. Banks often penalize busy or distracted customers with these charges.

However, there is no reason why you should be handing over your hard-earned money to the bank each month. If common banking fees are consistently dinging you, here’s a guide on avoiding them.

11 Common Banking Fees

1. Monthly Maintenance Fee / Service Fee

Some banks will change monthly maintenance fees (sometimes called monthly service fees). These help them cover some of their operational costs. You’ll often find brick-and-mortar banks charging these fees because they need to pay for real estate and additional employees online banks don’t have. If these fees are charged, they’re usually automatically taken out of the account at the beginning or end of every month.

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What’s The Cost?

Depending on the account, these monthly maintenance fees can range from $2 to $30.

How to Avoid This Fee

Some accounts change service fees on all accounts. However, other banks give you options to avoid this common banking fee. That could be maintaining a certain account balance or having a recurring direct deposit into your account.

Also Read: What is the Benefit of a Checking Account?

2. Minimum Balance Fee

Occasionally, if the balance in your account drops below a certain level, your bank will charge a minimum balance fee. This balance threshold will depend on the bank and account, but could be anywhere from $25 to several thousand dollars.

What’s The Cost?

The fee for having an account balance below the minimum required is between $5 and $15, on average.

How to Avoid This Fee

Ideally, you want to choose an account with no minimum balance requirements. One of my favorite accounts is the Discover Cashback Debit account. Otherwise, you can set up account alerts to notify you when your balance is getting close to triggering a fee.

3. Overdraft Fee

The last thing you want to do is overdraft your account. Unfortunately, most of us have probably experienced this at least once. You deposit money into your account and make a purchase, thinking you are safe. Unfortunately, that deposit takes time to clear, resulting in an overdraft.

While the purchase usually won’t be declined, it will put your account balance into the negative. When this happens, you’ll need to repay the negative balance once your deposit clears, but you’ll also be forced to pay an overdraft fee.

What’s The Cost?

Overdraft fees depend on the bank, but are usually between $25 and $35.

How to Avoid This Fee

There are a couple of ways to avoid overdrafting your checking account. First, many banks give you the ability to set up account alerts. This way, you will be notified once your account balance drops below a certain threshold.

Also, some accounts will automatically provide customers with overdraft protection. If you make a purchase that would normally overdraft the account, the necessary funds to cover the purchase will be moved from a savings account or line of credit, helping avoid an overdraft.

4. ATM Fee

We’ve all been in a situation where we need cash, and the only ATM available is outside our banking network. The bank that owns the ATM charges a fee, plus your bank’s out-of-network fee. Suddenly, that twenty you’re withdrawing costs you even more.

What’s The Cost?

Out-of-network ATM fees vary, typically anywhere from $1.50 to $3.50.

How to Avoid This Fee

To avoid ATM fees, it’s best to withdraw cash from your bank or its ATMs before you need it. If you find yourself low on cash, take a moment to use your smartphone to locate a nearby in-network ATM. Many banks are part of networks like Allpoint or MoneyPass, so an ATM may be just around the corner.

5. Wire Transfer Fee

If you need to send or receive money, you can use a wire transfer. Unfortunately, this convenience comes at a cost.

What’s The Cost?

Domestic and International wires will cost anywhere from $15 to $35.

How to Avoid This Fee?

The simplest way to avoid wire transfer fees is to use an alternative method for transferring funds. Most banks allow you to transfer money to another account, either within the same bank or to a different bank, at no cost. However, keep in mind that these transfers may take longer to reach their destination.

6. Minimum Balance Fee

Many checking and savings accounts require that you keep a minimum balance in the account, or else you pay a fee. In some ways, this feels like hitting you while you’re down: your balance has dipped, so the bank will charge you money, meaning it will go down even more.

What’s The Cost?

On average, the minimum balance fee will be around $5.

How to Avoid This Fee?

To avoid minimum balance fees, switching to a free checking account is best. If you usually maintain a balance above the minimum but had one bad month, call and ask your bank if they can waive that single fee. Banks are often willing to work with you to make you happy, given that this isn’t a common ask.

7. Foreign Transaction Fee

If you use your debit card outside the United States or make an online purchase from a foreign retailer, you’ll likely be charged a foreign transaction fee.

What’s The Cost?

Most banks have a foreign transaction fee of around 3%. For example, if you make a $100 purchase, the fee would be an additional $3.

How to Avoid This Fee

Some banks have debit cards that don’t charge foreign transaction fees. Others have partnerships with foreign banks, allowing you to withdraw cash without paying an ATM fee.

8. Excessive Transaction Fee

Most banks have a limit of six monthly transactions on savings accounts. You’ll be charged an excessive transaction fee if you withdraw or transfer funds more than that each month.

What’s The Cost?

The fee depends on the bank but is usually between $5 and $25.

How to Avoid This Fee

By using your checking account for everyday transactions, you can avoid making too many transactions on your savings account.

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9. Early Account Closing Fee

Have you recently opened a new account to take advantage of a bank bonus? Make sure you read the fine print because some banks will charge you a fee if you close your account within a certain period of time. The time frame depends on the bank, but it’s usually anywhere from 90 to 180 days.

What’s The Cost?

Many banks will charge up to $25 when you close your account before a certain amount of time has passed.

How to Avoid This Fee

To avoid this fee, understand the minimum timeframe your bank requires an account to remain open and make sure you don’t close it before that time arrives..

10. Stop Payment Fee

Have you ever been in a position where your bank needs to stop payment on a check you’ve already written? If so, you’ll be charged a stop payment fee.

What’s The Cost?

Depending on your bank, this could cost anywhere from $15 to $30.

How to Avoid This Fee

Using a stop payment on a check usually happens when you make an error writing out the check, or it’s lost or stolen. To prevent mistakes, make sure you double-check that all information is correct. When sending a check, you can utilize certified mail or deliver it by hand if you’re sending it within your city.

11. Inactivity Fee

If you don’t use your account for a long time, your bank may begin charging an inactivity fee. Depending on your bank, this could be after six months or one year of no activity.

What’s The Cost?

Inactivity fees are usually anywhere from $5 to $20 per month.

How to Avoid This Fee

Make occasional transactions to avoid paying an inactivity fee on your bank accounts. It could be a debit card transaction with your checking account, or transferring money to or from your savings account.

The Bottom Line

Bank fees are an annoying part of modern finance. The best way to minimize banking fees is to stay on top of your checking and savings accounts. But even if you don’t balance your checkbook once a week, you can still handle your banking without being crippled by fees.