This post covers common fees charged by all banks. A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Simply put, a bank is a place that keeps your money safe when you are saving it. It is also a place where you can borrow money that you will eventually pay back. There are other essential things banks do that I have not mentioned.
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Common fees charged by all banks
We deposit (put) and withdraw (remove) money from banks. Each time we perform one of these tasks (depositing/withdrawing), a certain amount of money is charged by the bank. In other words, we pay the bank a certain amount of money each time we put or remove any money from our bank accounts. The bank refers to them as fees.
a) ATM Fees
These fees are charged each time you withdraw money from an ATM Machine. The charges are usually higher when you withdraw from an ATM of a different bank from the one you opened a bank account with. For example, let us say you opened up a bank account with Centenary bank but then are withdrawing from a Stanbic bank ATM. The ATM charges are higher than if you had used a Centenary bank ATM instead.
b) Foreign Transaction Fees
Some banks charge foreign transaction fees for using your debit or credit card at a merchant in another country that uses a different currency or at a foreign ATM when withdrawing cash in the local denomination.
c) Lost Card Fees
In the event that you lose your card, you will need to freeze your debit and credit card until you find it. And if you cannot find it, you will ultimately need to order a replacement card. Most banks charge a replacement fee.
d) Wire Transfer Fees
Banks usually charge for outgoing wire transfers — an easy, quick way to send someone money almost immediately — and sometimes even charge for incoming wire transfers (meaning you, as the recipient, would pay a fee).
e) Monthly Maintenance Fees
This fee is one of the most common bank fees. Many banks and credit unions charge a monthly maintenance fee just for you to keep your savings or checking account open.
f) Minimum Balance Fees
Some banks require a minimum balance, but the amount can vary greatly. This is another common fee banks levy.
Those are some of the common fees charged by all banks.