BANKING

Out-of-Network Fee

Why You’re Being Charged: Because you needed cash and used another bank’s ATM. Or because you have an account that limits the number of free transactions — including ATM withdrawals — that you can make each month, and you exceeded that.
The Cost: For using an out-of-network ATM, you’ll pay $1 to $2 to the bank that owns the ATM, plus up to $2 to your bank. Once you’re over your allotted transaction limit, banks charge 25 cents to $1 per transaction.
How to Avoid It:

Use machines at branches of your bank or its affiliates. Call your bank or check its web-site for a list of ATMs in your local network.

Look for ATMs with a NO SURCHARGE HERE sign. They’re most often found at local credit unions and grocery stores.

If you must use an ATM where you’ll be charged, at least get your money’s worth and take out more than $20.

Monthly Maintenance Fee

Why You’re Being Charged: Your account balance has slipped below the minimum your bank requires.
The Cost: About $11 a month for accounts that earn interest; about $4 for noninterest-bearing accounts.
How to Avoid It: Find a new bank. “No one should be paying these kinds of fees anymore,” says Myvesta spokesperson Michael Tehan. Most banks offer some kind of free checking account, with no minimum balance and no transaction charges. And many banks waive the monthly maintenance fee if you use direct deposit for your paycheck or do some other business with them, such as taking out an auto or home loan.

Insufficient-Funds Fees

Why You’re Being Charged: Even though you had a direct-deposit payment on the way, you didn’t have quite enough money in your account when you wrote that check for your car payment.
The Cost: Some banks offer “courtesy” over-draft protection, which means they’ll cover your bad checks for a fee of $10 to $35 per check. Many banks also charge $2 to $10 for each day your account remains overdrawn. If your bank doesn’t cover you and your check bounces, expect a returned-check fee of about $20 from the bank, plus a fee from the recipient of the bad check.
How to Avoid It:

Sign up for overdraft protection that taps into your savings account or debits a credit card if your checking account is overdrawn. Or apply for an overdraft line of credit, which will automatically lend you the funds to cover your checks or debit-card transactions, charging you interest (at 7.5 to 22 percent) or a daily fee ($3 to $10) until the loan is repaid. Some banks charge a nominal monthly or annual fee for this service as well. But as long as you repay the money quickly, you’ll come out ahead by avoiding hefty “bad check” fees and the embarrassment of bounced checks.

Don’t count on lag time. Under Check 21, a federal law that went into effect on October 28, companies can cash your checks electronically — meaning money is taken from your account much more quickly than in the past.