Preventing Banking Fees- Article - Making It Count Programs

Sponsored by:

Visit feesandprocesses.bankofamerica.com to better understand banking fees and processes.

No one likes that sinking feeling you get when you are charged a banking fee. Often, because you’re busy, fees can feel like they came by surprise. Having financial habits that help you avoid fees may be easier then you think.

Many people find keeping track of the balance in their checking account and paying their credit card bill on time works well when they use time saving tools to help manage money and to help prevent or lessen fees.

The chart below outlines some common bank and Credit Card fees and information on how to help prevent each type of fee.

Fee

Description

How to Help Prevent the Fee

Overdraft Item Fee and NSF: Returned Item Fee

An overdraft occurs when you don’t have enough available funds in your account to cover a check, Check Card transaction or other withdrawal. You can overdraft either your checking account or your savings account. o Set up Alerts to notify you when your checking or saving account balance gets to a certain threshold that you set.

Link Overdraft Protection service to your checking account to help prevent bounced checks and avoid Overdraft Item and Returned Item Fees.

Monthly Maintenance Fee

Banks charge monthly maintenance fees for some checking and savings accounts. If you don’t maintain certain balances or other requirements, you are changed a fee. o Often, banks waive monthly maintenance fees for students.

Make sure you know if your bank charges Monthly Maintenance Fee on your accounts. Ask your banker for this information.

Late Fee

Jump To Other Sections

Helpful Links

Search over 1 million scholarships worth over $3 billion!

Locate thousands of internship and job opportunities for college students

MIC has partnerships with companies and organizations that may not appear in this list.
Please contact us with any specific questions about program partners.