Why Some Online Checking Account Services Charge Fees

An online checking account turns banking chores into easy and convenient clicks of your mouse. Paying bills can be stress free when you use online checking services. There’s no check to write, no need to go searching for envelopes and stamps. Other banking tasks are also made simpler, whether you want to check your balance, or transfer money. It’s no longer necessary to drive to the bank and see a representative in person. However, there can be some checking account fees to pay for this convenience.

Many banks advertise free checking accounts, but there are often checking account fees for certain banking activities. These fees are charged for a variety of reasons. Often the bank must incur some sort of charge in order to provide the service to their checking account holder and they feel the need to pass the charge on to that customer.

Normally, transferring money from one account to another is free, but you may only be allowed to initiate one transfer per week. Otherwise, there may be a small charge. The reason a bank might do this is to discourage its account holders from making an excessive number of transfers.

Online bill pay is usually free. However, if you need a payment expedited, there is a small fee. Your bank charges this because they feel that you are asking them to go above and beyond the customary service they agreed to provide when you became their customer.

Another fee you might encounter is for replacing a lost ATM card. The first card is always free. Should you lose this card and need to order a replacement, you can pay $5. Printing and mailing a new ATM card costs your bank money. They may require you to pay something toward card replacement since it was your negligence that caused the card to be lost.

You may have signed up for a certain type of online checking account that stipulates that you will not let your account balance fall below a certain amount. A customer service representative should have explained this to you when your account was first opened. This fee is charged because banks want to encourage their depositors to keep as much cash as possible in their accounts.

Anytime you ask your bank to do research on your account, they charge you for this. Doing research on an account entails a bank employee utilizing their time and efforts to obtain the information you request. The bank feels it’s only fair for you to pay their employee to do the work.

A customer service representative at your bank can provide you with a Schedule of Fees that will explain extra charges to your account.

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