What Are Bank Service Fees?

Account opening fees: fees charged by banks for simply opening an account with them. These are not typically associated with opening checking or savings accounts, but rather loans, and are known as “origination fees.” These are not usually flat fees; instead, they are quoted as a percentage of the outstanding balance.

Account closing fees: as the name suggests, these fees are charged by a bank for closing an account. Typically, these fees only apply if an account is closed shortly after it is opened (less than 90 days). Account closing fees range from $25–$99 depending on the account type.

Information service fees: these are non-negotiable fees charged by banks for simply providing access to a representative who can assist you with issues and answer questions. Traditional banks charge startups $50–$100 per month for providing access to these services.

Minimum balance fees: fees charged by banks if you fail to maintain a certain balance in your account. These fees can range from as low as $25 per month to as high as $99 per month, depending on the type of bank account you have.

Monthly maintenance fees: fees that banks impose for simply having an account with them. These fees can range from as low as $25 per month to as high as $500 per month, depending on the type of bank account you have.

Paper statement fees: as the name suggests, these are fees charged by banks for accounts that request paper statements outlining the transactions of a particular period. They range from $10–$25 per month.

Research fees: these are fees charged by banks in tandem with information service fees for finding answers to your questions. Example: “In the event that questions arise requiring personnel time or expense to answer or otherwise respond, you will be charged $50 per hour, with a minimum charge of one hour.” 

These research fees range from $25–$100 per hour and usually have a one-hour minimum.