Still Paying Bank Fees? How to Get the Bank Account You Deserve

If you're still paying bank fees, you might want to ask yourself why. Why allow your bank to deduct money from your checking account each month to pay "maintenance" fees?" Banks are businesses. Shouldn't they pay their own operating costs?

Image source: Getty Images.

Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks »

Money that could be put to better use

Imagine that you've been with the same bank for years and can't imagine going through the hassle of moving your money to a new bank. While that's understandable, it's possible that you're allowing the bank to withdraw funds that could be better used elsewhere, like building an emergency fund. Here's how much you could be losing to fees each year:

• Checking account maintenance fee: $13.95
• Twice-a-month out-of-network ATM fees: $4.55 x 2 = $9.10
• Overdraft fees: $30.82 per occurrence

If your account is never overdrawn, you're still down $23.05 monthly. If you were to tuck that money away in a high-yield savings account (HYSA) or money market account (MMA) paying 4% APY, you'd have $563 put away in two years.

In four years, that amount would balloon to $1,172. And in six years, your account would be worth $1,831 -- and that's if you never add another penny to it. While it's not a fortune, that money could certainly come in handy if you need dental work or your refrigerator needs replaced.

Note: If your bank offers overdraft protection, it's a good idea to sign up for it. Even if you've never overdrawn an account, it's good to have protection in place.

Tired of paying fees

In the event you decide you're done paying fees for banking services, there are plenty of ways to make a money-saving change. With the goal of identifying the perfect account for you and your needs, ask these essential questions before opening a new bank account.

Is there a minimum balance required to avoid a monthly checking fee? If so, how much is it?

Let's say the minimum balance is $500, and you never allow your checking account to drop below $1,000. Since it's unlikely you'll ever have to deal with the monthly fee, you're good to go. If your checking account tends to drop below the minimum balance, you may want to look for a financial institution that charges no checking account fees.

Do I need to open another type of account (such as a checking account) to have a savings account?

It's fairly old-school, but some financial institutions require you to open another type of account if you want to open a savings account. There's no reason to jump through this hoop unless you want to.

How soon will my money be available once it's deposited?

Banks and credit unions have rules regarding how long they must hold a deposit before it hits your account. You may be surprised to learn that the rule applies to both large and small deposits at some financial institutions. Make sure the hold period aligns with how you budget.

Are there any fees associated with my savings account?

As long as you're trying to avoid needless expenses, ensure that any bank you're considering doesn't charge a savings account maintenance fee.

Is there a limit to the number of withdrawals I can make from my savings account each month?

If you tend to deposit money into savings and transfer it throughout the month to other accounts, be sure to find out whether withdrawals are limited.

Are there any fees associated with debit cards issued by your bank?

It shouldn't cost you money to use a debit card. Double-check with any bank or credit union you're considering to make sure you can use your debit card without a fee.

Does the bank offer online banking? If so, is there a fee to use it?

If you're someone who does most or all of your banking online, you probably don't want to work with a bank that charges a fee for online banking services.

There's no financial institution that's perfect for everyone. However, you're only tracking down a bank or credit union that works for you. Ask the questions that matter to you most and decide from there.

The Motley Fool has a disclosure policy.