No-Additional-Fee Banking

Logging in to your bank account to find you’ve been charged a fee you didn’t see coming is never fun. Many financial institutions advertise “no-fee” banking, but so much gets hidden in the fine print.

Navigating your bank’s fee disclaimers can be overwhelming, especially if you don’t know what to look out for. Leaving the hidden fees behind starts with knowing what may be hiding in the fine print. Here are some of the typical fees that many banks charge, according to CNBC and NerdWallet:

  • Monthly service fees: these fees are charged just for having a checking account and typically cost bank customers around $15 per month
  • Overdraft fees: these are charged if you spend more money in your account than what you have available. It can cost customers upwards of $35 per incident
  • ATM-use fees: there average around $2.50 each time you use an ATM not from your bank
  • Online banking use fees: convenience shouldn’t cost more to bank online 
  • Minimum maintenance fees: charging you more money just for keeping your account running 
  • International money transfer fees: added fees for sending money internationally come with an additional charge upwards of $25 every time you send money from family and friends.

And sometimes they add even more fees and penalties for things like:

  • Minimum opening deposit
  • Minimum account balance
  • Required monthly direct deposit

Your hard-earned paycheck shouldn’t get eaten away by hidden fees. If you are looking for a no-additional-fee spending account or are curious to know how much you are paying for your existing spending account, ask for your bank’s fee schedule.

Luckily, there are alternatives out there to help you keep more of your money. 

How Does Fair Help You Get Rid of the Extra Fees?

Fair is a halal-certified neobank and wealth building platform design to empower your financial freedom. 

Some of us spend about hundreds of dollars in bank fees every year. Fair members only spend either $99 for a lifetime membership or $9.99 for a monthly membership— and never pay an additional fee again. 

Fair membership includes:

  • Up to 2-day early access to direct deposit 
  • MasterCard® Debit Card 
  • Convenient and secure mobile app access
  • Unlimited international money transfers
  • Access to over 55,000 in-network ATMs through Allpoint
  • No overdraft fees

     

Start taking control of your finances starts by eliminating excessive fees. Avoid those fees with a Fair membership today. 

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