There are many different kinds of banking fees. You’ll want to understand what those fees are and how much they will cost you each year.
Here are a few of the most common ones to look for:
Some banks will charge a small fee to maintain your account. Sometimes, the fee will be monthly, sometimes annually.
Some banks will charge you a fee if your account balance falls below a certain amount.
Some banks charge a fee for ATM transactions. Most of the time, these fees will be highest when you use an ATM that is not your bank’s.
Overdraft fees If you don't have enough money in your account to cover a transaction such as purchases or a withdrawal and your bank pays for the purchase or covers the withdrawal anyway, then the bank may charge an overdraft fee.
Non-sufficient funds fees or returned check fees. If you don't have enough money in your account to cover a transaction such as a bill payment or a check you've written and the bank declines the transaction, then you are charged a non-sufficient funds or returned check fee.
If you are about to overdraw your account, and you have overdraft protection, you won't be charged a non-sufficient funds fee. Instead, the bank will use funds from your linked account and transfer the funds to your checking account so that you don't overdraw your account. You will be charged an Overdraft Protection Transfer fee.
Besides fees, if you plan to open an account that pays interest, you’ll also want to investigate interest rates. Find out how the bank compounds interest (Weekly? Monthly? Annually?) and how often those rates will change. Also, as you are comparing accounts, keep in mind that if one account pays a higher rate than another, it might significantly offset any additional fees the account might charge.