While overdraft fees are one of the most significant sources of income for banks, there are many other costs you may not be aware of. Today, we are all aware of the fees we are charged if we overdraw and have insufficient funds.
What most Americans may not be aware of is the STOP PAYMENT or the RETURNED ITEM fee that some banks may have if you try to stop a payment. Banks may also charge a monthly fee for inactivity if you don’t use your account for a long period of time.
Also, closing an account may get you charged an EARLY CLOSURE FEE. Therefore, it is important to read that fine print before signing any contracts to open a bank account.