{"id":352544,"date":"2016-04-04T10:42:05","date_gmt":"2016-04-04T15:42:05","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/consumer\/credit-banking-finance\/how-keeping-bank-fees-down-can-reduce-the-cost-of-banking.html"},"modified":"2024-04-11T20:52:06","modified_gmt":"2024-04-12T01:52:06","slug":"how-keeping-bank-fees-down-can-reduce-the-cost-of-banking","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/consumer\/credit-banking-finance\/how-keeping-bank-fees-down-can-reduce-the-cost-of-banking.html","title":{"rendered":"How Keeping Bank Fees Down Can Reduce the Cost of Banking"},"content":{"rendered":"\n
\n \n
\n

How Keeping Bank Fees Down Can Reduce the Cost of Banking<\/h1>\n
\n
\n By Olivia Wathne, J.D.<\/a> | Legally reviewed by Melissa Bender, Esq.<\/a>\n | Last reviewed\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
\n

This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
\n

The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

In today’s world of money, it’s crucial to know how to avoid extra charges that can eat into your nest egg. When you have a bank account, there are different fees for credit cards, debit cards, and ATMs. These charges can quickly add up and affect the money you’ve got in your account.<\/p>\r\n

This article will guide you through smart ways to lessen the impact of these fees on your balance, exploring ideas like direct deposit. We’ll also look at how lenders and banks set their fees. Learning to dodge unnecessary charges isn’t just about being smart with your money; it’s a proactive step to ensure you’re making the most of your financial situation.<\/p>\r\n

For more information, visit FindLaw’s Banking and Credit<\/a> section.<\/p>\r\n

When Did Banks Start Charging Higher Fees?<\/h2>\r\n

Bank fees have been on the rise since the deregulation of the banking industry during the 1980s. When the savings and loan crisis<\/a> led to economic turmoil, many banks lost business from wealthier customers. With that decline, banks had difficulty offsetting the costs of keeping less-wealthy customers. While banks began offering more services, they earned significant revenue through non-interest income like bank fees.<\/p>\r\n

What Kinds of Fees Do Banks Charge?<\/h2>\r\n

Coinciding with the increase in services has been the increase of bank fees. Many banks charge for the following services:<\/p>\r\n