1. Overdraft Fee
This fee is charged when the bank clears a transaction even if there isn’t enough money in your account. According to Consumer Reports, the average bank overdraft fee is approaching $35.
You can decline overdraft services and avoid the steep fee, but that means your debit card transaction will be denied. Another option is to link your checking account to a savings account or a line of credit. Money is automatically transferred into your checking account to cover the overdraft. There is often a fee for this transaction, too (usually $5 plus interest charges on a line of credit), but it’s much smaller than paying an overdraft fee.
Of course, the best defense is to track your spending and make sure you have enough money in your account.