Say Goodbye to Checking Account Fees
On average, bank fees cost us hundreds per year— a hefty price to pay just for storing and using your own money. Surprise fees shouldn’t eat away at the hard-earned money in your account.
Part of these costs come from the fees traditional banks charge you just for maintaining and using your checking account. Spending accounts, which offer many of the same services as checking accounts, are an alternative that may help you avoid excessive fees. You just have to know what to look for.
We believe the best checking or spending accounts will not charge you additional fees and will offer:
- No overdraft fees
- No minimum balance requirements
- No ATM fees at a large network of ATMs
- No additional international money transfer fees
- No monthly account maintenance fees
- Low initial deposits of $0 to $50
- Nationwide availability
- Convenient and secure online accessibility
- FDIC insured accounts
If this list has you questioning your current bank, we get it. All spending accounts aren’t created equal. Make sure you know which fees to watch out for.
Common Checking and Spending Account Fees to Look For
- Monthly maintenance fee: This fee, usually around $15, is charged monthly just for having your account or for not meeting a minimum balance requirement.
- Overdraft fee: Spending more than your account balance happens from time to time, that’s life. Being charged a fee upward of $35 shouldn’t be added on top.
- ATM fee: Using an ATM can include additional fees just to access your funds.
- Paper statement fee – Having a paper bill sent every month can cost around $5.
- Account closure fee – If you close your account within 90-180 days of opening it, your bank may charge a termination fee around $25.
- International Money Transfer Fees- You may be charged upwards of $25 every time you send an international money transfer or remittance.
Wave goodbye to traditional checking accounts and say hello to spending accounts without hidden fees.
Fair, a halal-certified neobank and wealth building platform, offers its members a no-hidden-fee approach to spending accounts. Fair runs on a transparent membership model and can rest easy knowing that they will never have to pay hidden banking fees… ever again. Members have two options for their membership payments: make a one-time upfront lifetime membership payment or a monthly membership payment.
Fair spending accounts are FDIC insured up to $250,000 per depositor through Coastal Community Bank, Member FDIC. Fair is halal-certified by the Accounting and Auditing Organizations for Islamic Financial Institutions (AAOIFI).
Click here to learn more about how you can live with no additional fees today.