How to Calculate the Monthly Service Charges

Look for an account with low fees.

According to an October 2008 report by CNN, bank account fees are on the rise, and they are expected to remain elevated for the foreseeable future. As a banking customer, it is up to you to calculate exactly how much you are paying and to look for a better deal when you can. The first step is determining just how much those monthly service charges, maintenance costs and ATM fees are eating into your finances.

Things You'll Need

• Disclosure statement
• Bank statement

Instructions

1. Read the disclosure statement you received when you opened your bank account. This disclosure statement lists all of the fees and service charges associated with your account, including monthly maintenance fees, per-check charges, overdraft fees and the like.

2. Review any updated materials your bank sent you since you opened the account. When the bank makes changes that affect your account, they are required to notify you.

3. Log on to your account if you have online access. Otherwise, wait for your monthly statement to come in the mail. Review the charges assessed to your account and compare them to the list of charges on the disclosure statement and subsequent communications. Contact the bank to question any charges that should not have been assessed.

4. Add up all the fees that have been assessed to the account and divide that figure by the balance of the account. The result shows the fees as a percentage of the balance of the account. If you find that you are paying high fees month after month, it might be time to seek out a better account with fewer fees.

References

• Cable News Network; Beware of Rising Bank Fees; Kenneth Musante, 2008