Bank Accounts: Fees & Terms
Fees
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The bank is charging high service / activity / maintenance charges / bank fees on my checking account. Is this legal?
In some cases, yes. Federal law allows banks to charge non-interest charges and fees, including deposit account service charges. Generally, all fees are determined on a competitive basis within the market. Banks are […]
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My bank is charging me automated teller machine (ATM) fees. Is this legal?
Yes. Federal law allows banks to charge fees, including service fees. The bank is required to disclose to you any fees associated with an account before you open the account. Another federal law requires ATM operators to […]
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Can the bank charge for transferring my individual retirement account (IRA) to another institution?
Yes. The bank makes these decisions. Federal law does not establish the services for which fees may be imposed. Nor does federal law establish the maximum amount of fees that banks can charge for an IRA transfer. In some […]
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Terms
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When I open a deposit account, what kinds of disclosure does a bank have to make?
Before you open an account, banks must provide you with certain disclosures regarding their terms and policies. This enables you to make meaningful comparisons among banks. The disclosures must be in writing and in a form […]
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A local bank advertised a free checking account. I signed up. Now the bank is charging me for checks and for overdrafts. Is the bank allowed to do that?
Under banking laws and regulations, a bank cannot advertise an account as "free" if it charges a regular maintenance or activity fee for the account. But the bank can offer a free account and still charge for certain […]
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