Banks collected $8.6 billion in overdraft fees alone in 2026. Most of these fees are entirely avoidable by switching to fee-free accounts or adjusting behavior. Here's every fee you shouldn't be paying.
Bank fees by category and how to avoid each
| Fee | Average amount | How to eliminate |
|---|---|---|
| Monthly maintenance fee | $15.47/month | Switch to Ally, Chime, SoFi — all $0/month |
| Overdraft fee | $35/incident | Chime SpotMe, Capital One 360 no-overdraft, opt out of overdraft coverage |
| Out-of-network ATM | $3–$5 + bank fee | Schwab (unlimited reimbursement), Allpoint network, plan withdrawals |
| Paper statement fee | $3–$5/month | Go paperless in account settings (5 minutes) |
| Minimum balance fee | $8–$25/month | Switch to no-minimum accounts (all online banks) |
| Wire transfer fee (domestic) | $25–$35 | Use Zelle or ACH (free) for domestic transfers |
| Foreign transaction fee | 1–3% of transaction | Schwab debit card, travel credit cards with no FTF |
| Early account closing fee | $25 | Wait 6 months before closing a new account |
The overdraft opt-out decision
Banks must ask your permission to overdraft debit card transactions. If you haven't opted out: you've agreed to pay $35 every time a debit purchase overdrafts. The alternative: the transaction declines (embarrassing for a moment; free). Opt out of debit card overdraft at any bank by calling or visiting your branch. Keep it opted in for ACH bill payments only if you want that protection.
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About the author
Enrique 'Kike' Faúndez is an Information Systems and Management Control Engineer from Universidad de Chile, with master’s degrees in Finance from Universidad de Chile and Industrial Engineering from Pontificia Universidad Católica de Chile. He has 15+ years of experience in regulated financial services across finance, operations, and digital product development. He founded CashControlly in Santiago, Chile, with the conviction that personal financial control should not be a privilege, but an accessible and well-designed tool.
- Master's in Finance, Universidad de Chile
- Master's in Industrial Engineering, Pontificia Universidad Católica de Chile
- Information Systems and Management Control Engineer, Universidad de Chile
- AI and ITIL certifications
- 15+ years in regulated financial services
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