LAS VEGAS — Banks often roll out updated fee schedules and account terms at the start of the calendar year, which can result in unexpected charges or altered account behavior.
Factors such as new fiscal-year planning, budget reviews, and the Federal Reserve’s rate decisions can influence changes to bank fees in January. The Federal Reserve sets fees for its own payment services, such as check clearing, that banks use. These increases can affect banks’ costs and clients as banks recoup operating costs. As a result, some account holders may see changes to monthly maintenance fees, service charges, or minimum balance requirements.
To avoid surprise charges, customers should review their banks’ updated account disclosures. Depending on personal financial circumstances, customers can opt out of overdraft programs and switch to low-balance accounts to lower monthly charges.
Other ways to avoid or reduce bank fees include meeting minimum daily balance requirements, using in-network ATMs, opting for paperless statements, and setting up direct deposit. Some banks will waive fees for a certain period if a customer has a long-term history and good account status.
