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Bank Accounts - Fees


I asked the bank to lower the fees on my account. It refused. Can it do that?

Yes. Federal law allows banks to charge non-interest charges and fees, including deposit account service charges. All fees should be determined on a competitive basis within the market. Each bank should make the decision on the type, amount, and method of calculation based on sound banking judgment and safe and sound banking principles.

National banks are required to disclose any fees associated with their deposit accounts to you at the time accounts are established. Therefore, you may want to review your Account Agreement with the bank as well as any current fee schedule.

If you feel that your bank imposes high account fees, shop around—and purchase your financial services accordingly.

The bank is charging high service / activity / maintenance charges / bank fees on my checking account. Is this legal?

Yes. Federal law allows banks to charge non-interest charges and fees, including deposit account service charges. All fees should be determined on a competitive basis within the market. Each bank should make the decision on the type, amount, and method of calculation based on sound banking judgment and safe and sound banking principles.

National banks must disclose any fees associated with a deposit account when it is established; therefore, you may want to review your Account Agreement as well as any current fee schedule.

If you feel that your bank imposes high service charge fees, shop around—and purchase your financial services accordingly.

The bank is charging me a fee to make change at the teller line. Can it do that?

Yes. Federal law allows banks to charge non-interest charges and fees, including deposit account service charges. All fees should be determined on a competitive basis within the market. Each bank should make the decision on the type, amount, and method of calculation based on sound banking judgment and safe and sound banking principles.

National banks are required to disclose any fees associated with their deposit accounts to you when the account is established. So you may want to review your Account Agreement with the bank as well as any current fee schedule.

If you feel that your bank imposes high service charge fees, shop around—and purchase your financial services accordingly.

My bank is charging me ATM fees. Is this legal?

Yes. Federal law allows banks to charge non-interest charges and fees, including deposit account service charges. All fees should be determined on a competitive basis within the market. Each bank should make the decision on the type, amount, and method of calculation based on sound banking judgment and safe and sound banking principles.

When you open an account with a national bank, it is required to disclose any fees associated with its deposit accounts. Be sure to read your Account Agreement as well as any current fee schedule.

If you feel that your bank's ATM fees are too high, shop around: Ask other banks about their fee schedules.

Can the bank charge for transferring my IRA to another institution?

Yes. The bank makes these decisions; in some instances, they are prescribed by State law. Federal law does not establish the services for which fees may be imposed. Neither does Federal law establish the maximum amount of fees that national banks can charge for an IRA transfer.

National banks are required to disclose any fees when the deposit account is established. Therefore, you may want to review your account agreement with the bank as well as any current fee schedule.

If you feel that your bank imposes exorbitant IRA transfer fees, shop around—and purchase your financial services accordingly.

I cashed a check at a bank. It charged me a fee because I don't have an account there. Is this legal?

If a national bank agrees to cash a check for a noncustomer, it may legally charge the presenter a fee. There are no limitations on the fee amount. If you think the fee is excessive, you may want to open an account with the bank, or cash your check at another institution with a lower fee.







Copyright 2007 by Mark McCracken , All Rights Reserved