Which Fees to Compare When Choosing a Checking Account
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Quick Take-Aways:
Choosing the right checking account can make a surprising difference in your financial health. While checking accounts seem similar on the surface, the fees attached to them can quietly eat away at your balance if you’re not careful.
It’s important to be aware of and compare monthly maintenance fees, ATM fees, overdraft and NSF fees, foreign transaction fees, statement fees, and excessive transaction or transfer fees.
You can find the list of these fees on most financial institution websites. Look for the disclosures section which is usually linked from the footer or other main navigation. You also receive these documents when you open an account.
Let’s break down each type of fee and how to find the right checking account for your lifestyle.
Fees That Matter Most When Choosing a Checking Account
1. Monthly Maintenance Fees
Many banks and credit unions charge a flat monthly service fee just for keeping your account open. These can sometimes range from $5 to $15 per month, though some premium accounts charge more. The good news is that many banks and credit unions waive these fees if you meet certain requirements — such as setting up direct deposit, maintaining a minimum balance, or making regular debit card purchases. Be sure to check the terms and conditions for fee waivers before signing up.
2. ATM Fees
Withdrawing cash can cost more than you expect if you regularly use ATMs outside your bank’s network. Out-of-network fees can add up quickly, especially if the ATM owner charges an additional surcharge. Look for banks or credit unions that reimburse ATM fees or belong to large fee-free networks. If you withdraw cash often, this feature can save you a significant amount each month.
3. Overdraft and Non-Sufficient Funds (NSF) Fees
An overdraft can happen when you spend more than what’s available in your account, while NSF fees can apply when a payment is declined. These penalties can be steep, often $30 or more per transaction. Overdraft protection can help by covering transactions using a linked account or line of credit—but depending on your financial institution, this service may also come with its own fees. To help avoid fees, link your checking account to a savings account for backup funds or enable low balance alerts.
4. Foreign Transaction Fees
If you travel abroad or shop online from international retailers, you may incur foreign transaction fees. Typically around 1–3% of each transaction, these charges can add up. Many online and global banks now offer accounts that waive foreign transaction fees — a great perk if you frequently use your debit card overseas.
5. Paper Statement and Check Fees
Paper statements may seem trivial, but some banks or credit unions charge extra for printing and mailing them. Go digital to avoid this cost and keep your account eco-friendly. If you still use checks, remember that some institutions charge for ordering checkbooks, so comparing those costs beforehand can help.
6. Excess Transaction or Transfer Fees
Some accounts limit the number of withdrawals or transfers you can make each month. Exceeding those limits might result in extra fees. Choose an account that fits your spending and transferring habits to avoid being penalized for normal financial activity.
How to Compare and Choose Wisely
Once you’ve identified the fees that matter most to you, take time to compare accounts side-by-side. Many banks publish detailed fee charts online — use them to get a clear picture of what you’ll actually pay.
Ask yourself:
- Do I maintain a consistent balance?
- How often do I use ATMs or make transfers?
- Will I benefit more from digital-only features or in-person support?
Choosing a checking account that aligns with your financial habits will help you avoid recurring costs and enjoy a smoother banking experience.
The Benefits of Community First Credit Union’s Checking Accounts
Community First Credit Union of Florida offers several key checking account benefits. You can keep more of your hard-earned money by:
- Paying no monthly maintenance fees on your checking account, regardless of your balance.
- Avoiding ATM fees when using your Community First Visa® Debit Card at any of the 85,000 surcharge-free ATMs across the US*. Find convenient locations at Publix®, Wawa®, and other places you shop every day.
- Staying within daily permitted transaction limits.
- Enrolling in overdraft protection, if available. (Not all accounts offer ODP) While this service has a fee, it can protect your account from additional fees. View the Community First fee schedule.
Community First online banking also provides tools to help you conveniently manage your account and avoid certain fees, like:
- Account alerts that help you stay on top of your balance and spending
- Easy transfers between accounts
- Free statements
- And more
We have also recently refreshed our online and mobile banking experience! Community First Credit Union of Florida Members enjoy:
- A new streamlined design that makes every interaction feel effortless
- A dynamic dashboard optimized for each device
- Personal financial management that lets you track habits, spot trends, and save smarter
- Account tiles that let you favorite up to 20 accounts on your home screen
- Shortcuts to features you use most often
- Transactions from the last 30 days with filter options
Conclusion
Checking account fees may seem small individually, but over time, they can take a big bite out of your balance. By comparing monthly maintenance, ATM, overdraft, and other key fees, you’ll find an account that truly works for you — not against you. Take a few minutes to compare at least three banks and credit unions, and you may be surprised at how much you can save each year.
Frequently Asked Questions
- Are free checking accounts really free?
- Not always. Many “free” accounts still have conditions such as balance requirements or direct deposit minimums. Read the fine print before assuming there are no costs. Community First Credit Union of Florida does not charge a monthly maintenance fee, regardless of your balance, and you can access an updated fee schedule any time on our website.
- What’s the average cost of common checking account fees?
- Monthly maintenance fees typically range from $5 to $15. Overdraft fees can run $30 or more per transaction, though some banks now cap or eliminate them. Community First Credit Union of Florida does not charge monthly maintenance fees. You can find a full list of fees in the Community First fee schedule located in disclosures.
- How often should I review my checking account fees?
- Review your account at least quarterly, or whenever your financial situation changes. Banks sometimes update their fee structures, and staying informed can keep extra costs from creeping in.
- How do I review all the fees on a financial institution’s website?
- Look for the disclosures section, it is usually linked in the footer of the website. The fees for checking accounts can normally be found on the “fee schedule” or “schedule of services and fees.” Each institution may name this document slightly differently. See the Community First Consumer (Personal) Account Fee Schedule here. (If you do not find these documents on your financial institution's website, you should recieve them upon account opening.)
- How can I check how many transactions I am allowed to make per day with my checking account?
- Check the disclosure section (usually linked in the footer of the website). Search for the “electronic fund transfers agreement and disclosure” or similarly named document. This should list the daily maximum for spend, withdrawals, and point of sale transactions. View Community First’s.
Read More About Checking and Savings Accounts
- What are the Benefits of Having Multiple Checking Accounts?
- Why it's Good to Open Credit Union Checking Account
- What is a Checking Account vs a Savings Account?
Federally insured by NCUA. All new accounts and loans are subject to approval and membership eligibility required. Please visit our website at www.communityfirstfl.org/connect/become-a-member or call 904.354.8537 for more information on membership requirements.
*All Community First Credit Union charges, fees, deposit limits and funds availability still apply.
**All information contained in this blog is for informational purposes only. The credit union makes no representations as to the accuracy, completeness, suitability, or validity, of any information. The credit union is not responsible for any errors, omissions, or any losses, injuries, or damages arising from its display or use. All information is provided AS IS and with no warranties and confers no rights. The credit union is not responsible for material that is found through non-credit union links posted on this blog site. Ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.
