Crash Course in Account Fees

Banks and credit unions both charge fees for different services. It’s important to understand the most common fees so that you can reduce the number of times you have to pay one. When it comes to finances, knowledge is power.

Maintenance Fees

Maintenance fees are the most common and the most straightforward fees that financial institutions charge. They are a fee charged to maintain a savings or checking account. The fee is usually a monthly charge that is taken directly out of the funds in your account.

Addition Financial does not charge maintenance fees for any of our consumer accounts.

Minimum Balance Fees

One of the easiest fees to avoid is a minimum balance fee. Financial institutions charge this fee if you do not have a minimum amount of money in your accounts. At Addition Financial, we make it easy to avoid this fee. If you have any of the following our $7.50 fee is waived:

  • An open line of credit with Addition Financial
  • An active Addition Financial credit card or loan
  • At least $250 cumulative average daily balance in checking, savings, money market account or combined deposits
  • Direct deposit to savings or checking ($500 monthly aggregate requirement)
  • You are under age 23

Overdraft Fees

An overdraft fee is a charge for taking out more money than you have in your account—meaning your account goes negative. At Addition Financial, we charge $35 if you overdraft your account. But we offer overdraft protection which will prevent you from going negative. Overdraft protection is $3.

ATM Fees

Some financial institutions charge a fee for using a foreign ATM—meaning any ATM that is not owned by your bank or credit union. Sometimes, these fees can be extra expensive because you may also incur a fee from the bank that owns the ATM. So you would pay your bank for using a foreign ATM and you would pay the other bank for using their ATM.

At Addition Financial, there is a $1.75 fee for using a foreign ATM. The terminal owner may charge an additional fee.

Lost Card Fees

Lost card fees are exactly what they sound like—a fee to replace a lost credit or debit card. At Addition Financial, you are allowed three free replacements per year. After that, there is a $5 charge to replace your debit card.

How to Avoid Fees

The best way to avoid fees is to understand when and why you are charged a fee. Before you open an account at any financial institution, it’s important to compare the fees you will be charged. Be suspicious of any bank that tries to hide their fees or makes it hard to understand them.

To view a full list of Addition Financial’s upcoming fees for 2020, click here. If you have any questions about our fees or our accounts, give us a call at