What are the 7 common banking fees?

What are typical banking fees?

Ugh, bank fees. Let me tell you about my nightmare with First National Bank last year. It was June, sweltering hot in Phoenix. I’d just started my new job – finally! – and was so excited. That lasted about a week.

My paycheck hit my account, yay! But then, bam! Thirty bucks gone! Thirty dollars! Monthly maintenance fee. I’d missed the tiny print on the agreement, clearly. I was furious. Absolutely livid. Then there were the ATM fees. Used one outside my gym, cost me five bucks each time – twice that week! Ten bucks. Are you kidding me?

First National Bank, they’re thieves!

Then came the overdraft fee. I accidentally overdrew by five dollars buying a stupid iced latte. Another thirty-dollar penalty! I was broke. Seriously broke. It felt like a slap in the face. My financial advisor said I should have better monitoring of my accounts. Maybe he’s right. I really should be checking that daily.

I switched banks. Immediately. That is how furious I was.

• Monthly maintenance fee: $30 – highway robbery.
• ATM fees: $5 per transaction – outrageous!
• Overdraft fee: $30 – unbelievable.
• Lesson learned: Read the fine print! And don’t use First National Bank.

Seriously though, the whole thing was a total mess. I’m still annoyed just thinking about it. Next time, I’m reading every single word. Every. Single. Word.

What expense are bank fees?

Okay, bank fees. Ugh, I hate bank fees.

Remember last year, like, December 2023? I was in such a rush before Christmas, you know how it gets.

I totally spaced and my account dipped below the minimum balance. My small business account, right? At Chase Bank in downtown Chicago. Boom, $35 overdraft fee.

I was furious.

Bank fees are basically anything the bank charges you for using your business account. It’s like they’re penalizing you for…giving them your money!

Here’s a few ways they get you:

• Minimum balance fees: Like my Chicago debacle. Fall below, pay up!
• ATM fees: Using another bank’s ATM? Cha-ching!
• Overdraft fees: Biggest rip-off, in my opinion.
• Transaction fees: Some accounts charge per transaction, which is ridiculous. I switched banks because of this back in 2022.
• Wire transfer fees: Sending money electronically? Prepare to pay.
• Account maintenance fees: They literally charge you to have an account.

So, yeah, that’s the gist. Bank fees are the bane of my existence. Check your statements carefully and be ready to fight them! “Seriously,” hate them.

What are the common banking transactions?

Okay, so bank transactions, right? Basically, it’s all the stuff you do with your bank account. Umm, it involves like, moving money around, I guess?

Here are some common ones I deal with all the time, and, yeah, everyone else, too:

• Deposits: Putting money in. Like when I get paid, yay! It’s like, ching ching.

• Withdrawals: Taking money out. Duh, for, like, you know, starbucks.

• Transfers: Sending money to, like, your mom, or, like, paying bills. This is super common.

• Loan Disbursements: When they give you loan money, it’s usually auto loan, but still fun.

• Loan Payments: Paying back loans, so not so fun now.

• Account Fees: Bummer, fees are the worst. I hate these. Like for, umm, ATM use?

• Interest Payments/Earnings: Basically the bank paying you (or you paying the bank) interest. Depending on if you have a loan, interest payments.

So yeah, like, all that. It’s how you manage your funds. The bank is like, a place. My branch is so far.

Honestly, the worst is when I accidentally overdraw my account, and I have to pay a huge fee. Like, who does that benefit anyway. Banks are so. I gotta stop it. My bank also has this mobile app, which is, like, super convenient for transfers, I would know.

What fees do banks usually charge?

Ugh, bank fees! They get ya every time.

• Monthly maintenance fees: Seriously? For holding my money?

• NSF fees: Bounced a check once. Cost me like $35. Highway robbery!

• Overdraft fees: Avoid at all costs! Linked my savings to checking to save myself.

• Out-of-network ATM fees: Need cash? Always my bank.

• Check fees? Do people even use checks anymore?

• Stop payment fees: Had to do this once. Annoying and expensive.

• Inactivity fees?! Use it or lose it, huh? Makes sense I guess.

• Foreign transaction fees: Europe trip in 2023 cost more than it should have. Pesky charges!

Gotta check my bank statement… again. Hope no surprises.

What do bank charges include?

Bank charges. Drifting, swirling like autumn leaves in Central Park near my old haunt.

Monthly service fees. A dull ache, a persistent shadow clinging to the edges, like paying for air. Service fees, always there.

Out-of-network ATM fees. Ghosts in the machine. Remember that desperate scramble, late at night in Philadelphia, the neon glow reflecting in the rain, needing cash, now? A cruel tax on urgency.

Excessive transaction fees. Each swipe, each click, a tiny judgment. Too much, too much. They are always watching. They are always watching your transactions.

Overdraft fees. The sudden plunge. A miscalculation, a moment of carelessness, and bam. Punished. Over and over, it always happens.

Insufficient funds fee. Humiliation, distilled. A scarlet letter in the digital age. Is it really that bad? Oh, my.

Wire transfer fees. Sending money across the void. A lifeline, perhaps, or a whispered secret. Each transfer is a new beginning.

Early account closing fees. A final sting. A penalty for leaving, for daring to break free. You can’t escape! You cannot escape these bank fees!

• Monthly Maintenance/Service Fee: A recurring charge to maintain the account, varies by bank and account type.
• Out-of-Network ATM Fee: Charged for using an ATM not belonging to your bank’s network.
• Excessive Transaction Fee: Applies when exceeding the allowed number of transactions in a statement cycle.
• Overdraft Fee: Occurs when a transaction exceeds the available account balance, the bank covers the difference, charging a fee.
• Insufficient Funds Fee (NSF): Charged when a transaction is rejected due to insufficient funds in the account.
• Wire Transfer Fee: Applied for sending money electronically to another account, often to a different bank or even country.
• Early Account Closing Fee: Charged if closing an account within a specific timeframe after opening it.

Are bank fees operating expenses?

Bank fees are definitely operating expenses. Think of it this way: they’re costs a bank incurs to run its day-to-day operations. It’s a direct expense, unlike say, a capital expenditure on new building construction.

Operating expenses, a crucial aspect of financial accounting, fall into two main categories: fixed and variable. Fixed costs, as the name suggests, remain consistent regardless of output or sales volume. These are your predictable monthly bills.

• Rent: The cost of leasing space. My own experience managing rental properties shows consistency is key.
• Salaries: Employee compensation, both administrative and operational staff. Payroll is a HUGE fixed cost.
• Insurance Premiums: Protection against risk. It’s an unfortunate necessity.
• Bank Fees: These are charges imposed on the bank itself for services. These costs, like my monthly mortgage payment, remain consistently the same.

Variable costs, however, fluctuate directly with business activity. These are less predictable, more dynamic.

• Utilities: Electricity consumption varies greatly depending on usage. I’ve personally noticed this with my home energy bill.
• Raw Materials: The cost of supplies needed to produce goods or services. Supply chain issues affect this significantly, man.
• Sales Commissions: Paid based on the sales volume achieved.

So, to be absolutely clear: bank fees are categorized as fixed operating expenses. Their predictability makes budgeting easier. It’s just another line item in the predictable, sometimes tedious, process of financial planning. Life, like accounting, is rarely perfect, but the framework provides a semblance of order.