8 Hidden Bank Fees that Drain Your Wallet (And How to Fix Them)

Let’s be honest — no one intends to waste money. But sometimes, the bank fees sneak in. One here, another there…and suddenly, you're looking at a decreasing bank account balance. The first step to achieving strong financial health and getting out of debt is learning the bank fees to avoid.

I know, because I've been there. After being debt-free for 10+ years, I suddenly found myself unemployed and I let my good financial habits slip. In the past year alone, I have paid every single one of these bank fees to avoid listed below. Yup, I’ve learned from my mistakes and I hope you can, too. The good news? Once you're aware of them, you can stop the drain on. your bank account and keep more of your money for the things that actually matter — like travel, takeout or that purse you’ve had your eye on (wink wink).

Here are 8 sneaky bank fees to avoid:

• Paying interest on credit cards – This is huge, and probably the most well-known bank fee. Credit card interest accumulates FAST. Before you know it, you’re drowning in debt, and it will take years to pay down the balance.
  • The fix: Look into transferring your balance to a 0% interest credit card or work on a plan to pay down your balance aggressively. (I switched to a 0% to help get through my extended unemployment.)
• Missing payment due dates = fees + credit score damage – Don’t get hit with an interest fee AND a late fee. These average  late fee is $30 per month and those can add up.
  • The fix: Set up autopay for minimum payments and calendar reminders for the full amount. It takes five minutes and saves you way more.
• Keeping money in low-interest savings accounts – It pains me to think of how much money I lost by keeping my money in the same bank as my checking account, just because it was easy.  If your bank’s interest rate starts with a "0," it’s time to immediately switch to a high-yield savings account.
  • The fix: Move your emergency fund or long-term savings to a high-yield savings account where your money can actually grow.
• Overdraft fees – The fact that I got dinged for this last month bugs me to no end. Banks love to hit you with these.
  • The fix: Link your checking account to your savings or set up low-balance alerts through your banking app. You’ll thank yourself later.
• Maintenance fees – This one I didn’t expect. As my unemployment period went on, I drained a few savings accounts that I had earmarked for “new car” and “safari.”. I didn’t realize there was a minimal balance required, and that I had dropped below that threshold. Lesson learned the hard way.
  • The fix: Choose fee-free accounts when possible and always double-check the fine print on balance requirements. ALWAYS know what the minimum balance is for you bank accounts. 
• Foreign transaction fees – This is a sneaky one, especially if you don’t travel internationally often. Some banks charge up to 3% for international purchases. A travel-friendly credit card can save you hundreds.  And even though you may drive to Canada or Mexico, there will still be foreign transaction fees. 
  • The fix: If you travel (or shop international websites), look for a credit card with no foreign transaction fees. You’ll save big without lifting a finger.
• Inactivity fees and dormant accounts – My bank made one of my savings accounts “dormant” because 0.01% interest doesn’t add up to a penny. The account was erased from my profile and I had to go to the bank to get my money back. Luckily for me, I remembered I had the account, so I noticed when it went missing. 
  • The fix: Keep your savings active with occasional transfers, or close out accounts you’re not using.
• Lastly, let’s not forget about ATM fees – $3 here, $5 there adds up. When you use a different bank's ATM, you get charged by that bank AND your bank, a double whammy.
  • The fix: Stick to your bank’s ATM network or find a bank that reimburses fees. Knowing your options ahead of time = instant savings.

Don’t Let Your Money Leak Away

Every dollar you save on bank fees is a dollar you can put toward your goals — whether that’s more dinners out, a weekend getaway, a bump in your savings account—whatever brings you joy! Are you ready to stop wasting money and start thriving financially? Follow me at @thejoyfulrobin for smart money hacks, manifestation tips, and real-life strategies to help you design a life fantastic.