Bank fees can cost you more than $150 a year — here’s how to avoid them

CNBC Grow - Ben Jay - 1/30/20

Between ATM fees, overdraft charges, monthly maintenance, and other charges, the typical checking account holder pays $7.69 every month, according to a recent survey from Bankrate.

Millennials pay an average of $13 per month in fees, more than four times what baby boomers shell out. Black and Hispanic account holders pay $12 and $16 in monthly fees, respectively, Bankrate found, while white account holders pay an average of $5.

While many of those disparities can be attributed to wealth — people who are white and at least middle-aged tend to be wealthier than those who aren’t, and many banks waive fees only after minimum balance or deposit requirements are met — it’s possible to significantly reduce or zero out your monthly fees, no matter what your situation.

Even if you set up overdraft protection, keep tabs on your account balance, cautions Marcus Dodson, an account coordinator at U.S. Bank and campaigner with the advocacy group Committee for Better Banks.

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