7 Scary Banking Fees You Avoid by Banking with Branch

Goblins, ghouls, and ghosts may be the typical villains of Halloween movies, but something even more terrifying than what horror films have to offer is how much of your hard earned money is stolen each year by big banks. In 2019, big banks took more than $11 billion dollars from the American people in overdraft fees alone. And unfortunately, overdraft fees are just one kind of charge lurking in the fine print of most banking contracts. 

At Branch, we have ZERO fees because we think taking your hard-earned money for any reason is just plain frightening. Here are seven common bank fees you slash by using a Branch checking account and digital wallet instead of those other guys. 

1. Overdraft fees

The most common bank fee is an overdraft fee. This happens when you make a purchase using your debit card that’s for a larger amount than what you have in your bank account. Overdraft fees can be quite hefty (usually around $35), so they’re nothing to scoff at. Plus, if you don’t pay your overdraft fee on time you’re typically hit with a late fee, which creates even more debt for you.


2. Minimum balance fees

Some banks require you to keep a minimum amount of money in your account and will charge you if your balance dips below that number. But what about times when money is tight and you’re waiting to get paid? Why should you be penalized for having a specific balance in your account? We think this is an unfair practice and another scary ridiculous fee you don’t deserve.

3. Account maintenance fees

Want to hear something truly frightening? Many banks charge fees simply for keeping an account with them. This one seems particularly backwards. You open up a bank account in order to keep your money safe—and hopefully grow it—yet banks want to charge you just for having an account. 

4. ATM fees

Using ATMs that aren’t affiliated with your bank can result in annoying fees that add up over time. When you’re out running errands and need to get cash out, the chances of finding an ATM affiliated with your bank might not be too high. We think you should be able to get cash out at an ATM without having to pay for the transaction itself.

5. Lost card fees and rush fees

If you lose your debit card, some banks will charge you a fee to replace it. Plus, if you need it in a hurry, you’ll also likely be charged a rush fee to get it sooner. When you lose your debit card or it gets stolen, you need it replaced right away—and you don’t want to worry about incurring more charges just because you want it quickly. 

6. Excessive transactions

Some banks put a cap on how many transactions (specifically transfers) you can make each month. Let’s say you want to transfer money from your savings to your checking account, for example. Some banks will charge you a fee if you’ve exceeded their limit of monthly transfers. But each month your cash flow might be a bit different, especially if you have a job where your pay fluctuates a lot each pay period.

7. Account closure fees

As if all of these fees aren’t enough, some banks require that you keep your account open for a specific amount of time, otherwise they try to charge you fees for closing it. (Talk about desperate...scary stalker much?)

All of these fees are unnecessary and just plain frightening. No one should take away your hard-earned money. At Branch, we believe who you bank with should not only protect your money but help you grow financially.

Related: How to Build an Emergency Savings Fund (On a Budget)

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