Bank fees can sneak up on your account balance when you’re least expecting it. It’s essential to be aware of these charges to keep more of your money where it belongs. Here are six common hidden fees that might be silently depleting your funds.

1) Monthly Maintenance Fees

Monthly maintenance fees are one of the most common charges that banks impose on account holders. These fees can range from a few dollars to over $20 each month. Often, banks will waive these fees if you meet certain criteria such as maintaining a minimum balance or having a direct deposit set up. Understanding the requirements to waive these fees can save you a significant amount annually.

2) Overdraft Protection Fees

While overdraft protection might seem like a helpful service, it can lead to additional charges. If your account balance falls below zero, your bank may cover the shortfall but charge you a fee for this service. These fees can add up quickly if you frequently dip into overdraft. It’s crucial to understand how overdraft fees work and consider alternatives like linking a savings account to cover shortfalls.

3) Foreign Transaction Fees

When traveling abroad or making purchases from foreign merchants, be aware of foreign transaction fees. Banks often charge 1% to 3% of the transaction amount for currency conversion and international processing. To avoid these fees, consider using credit cards that don’t charge foreign transaction fees or open a bank account specifically tailored for international use.

4) ATM Usage Fees

Using an ATM outside your bank’s network can result in double charges: one from your bank and another from the ATM owner. These fees can range from $2 to $5 per withdrawal. To minimize these costs, plan your withdrawals in advance and use ATMs within your bank’s network whenever possible. Some banks also offer reimbursements for out-of-network ATM fees.

5) Paper Statement Fees

If you prefer to receive paper statements, be prepared to pay a fee for the convenience. Many banks charge a few dollars per month for mailing paper statements. Switching to electronic statements can not only help you avoid this fee but also reduce paper waste. Opting for e-statements is typically a quick option directly through your bank’s online portal.

6) Early Account Closure Fees

Closing an account soon after opening it might result in an early account closure fee. Banks impose this fee to discourage customers from frequently opening and closing accounts. The fee amount and applicable period vary by bank, so it’s important to read the terms and conditions before opening an account. If you’re considering closing an account, check if you can avoid this fee by keeping the account open for the required term.