It seems banking today is all about fast payment, online access, and mobile apps. But for those who still find themselves writing and depositing cheques, a bank account with no cheque fees could save some serious cash.
What is a cheque fee?
A cheque fee is any fee associated with depositing, cashing or clearing a cheque through your bank. There are a few different types of cheque fees, and the amount of each will depend on your bank and task.
What types of cheque fees might your bank charge?
There are few fees related to cheques that your bank may apply. One of these costs is a cheque withdrawal fee. You may be charged a cheque withdrawal fee if you need to deposit or cash your check at a bank branch.
Another one of these fees is a stop cheque fee. This fee applies if you’d like to cancel the payment on a cheque that you’ve written. When you stop your cheque, the receiver will not be able to receive payment from it, but you’ll likely pay a fee to your bank for the service.
Other cheque fees can include charges associated with overseas cheques and cheque clearance. If you’re wondering which cheque fees may apply to you, it’s best to discuss it with your bank.
How do you find a bank account with no cheque fees?
You may find that getting a bank account with no cheque fees is a matter of compromise. While you may find a bank that doesn’t charge a stop cheque fee, they may still apply a fee for an expedited request or international cheques.
Consider your needs when it comes to cheques. Do you deposit them often, or do you write them rather than receive them? Questions like these can help you narrow down exactly which fees you’re charged the most and which ones to avoid.
What other fees do bank accounts charge?
Beyond cheque fees, bank accounts can apply fees such as a monthly maintenance fee, an ATM fee, a paper statement fee, and more.
One of the major fee categories is overseas fees. When you travel abroad or shop at an international retailer, your bank may apply fees to your purchases. A foreign currency fee may apply, as well as a conversion fee. You might also be charged a foreign ATM fee for withdrawing cash while abroad. These fees can add up quickly, so be sure to plan ahead before heading overseas.
When choosing the right bank account, you might be best served by first thinking about how you spend and manage your money. Someone who travels abroad often might look for an account without overseas fees. Someone who keeps a low balance may benefit from a bank account with no monthly fees. Whether you need an account with no cheque fees or freedom from ATM fees, it’s all about finding the bank account that suits your lifestyle.