Understanding Bank Deductions: Common Fees & How to Avoid Them

Bank deductions typically refer to fees that banks charge their customers for various services or transactions. These deductions are subtracted directly from the customer's account balance. Some common examples of bank deductions include:

1. Monthly Maintenance Fees: Many banks charge a monthly fee for maintaining a checking or savings account, especially if certain balance requirements are not met.

2. ATM Fees: Banks may deduct fees for using ATMs that are outside of their network or for exceeding a certain number of transactions per month. St. Anne’s Credit Union offers free ATMs plus monthly surcharge refunds on select accounts! Click here for more information.

3. Overdraft Fees: When an account holder spends more money than is available in their account, the bank may charge an overdraft fee. St. Anne’s is proud to offer some accounts with NO overdraft fees! You may explore your options here.

4. Wire Transfer Fees: Banks often charge fees for sending or receiving wire transfers, both domestically and internationally.

5. Foreign Transaction Fees: For transactions made in foreign currencies or outside the account's home country, banks may deduct additional fees.

6. Returned Deposit Fees: If a deposited check bounces or is returned unpaid, the bank may charge a fee for processing the returned item.

These are just a few examples of the deductions that banks may impose on their customers. It's essential for account holders to review their bank's fee schedule and terms of service to understand what deductions may apply to them and how they can minimize these costs. St. Anne’s provides a wide range of products and services with minimal to no fees, enabling you to maximize your savings!