Hidden bank fees: how to spot them and get them waived

The fees people miss most

Monthly maintenance fee

A fixed fee for having the account. In the US, the CFPB says banks and credit unions can charge a monthly maintenance or service fee on checking, savings, and money market accounts. They must tell you the fee up front, and they must notify you in writing if it changes. Many waive it if you keep a minimum balance or set up direct deposit.

The catch: if your balance drops under the minimum, even for a day, the fee can come back.

Canada: FCAC's review of banking fees found that standard chequing accounts at the Big Six banks cost $11.95 to $17.95 a month, with the fee waived if you keep a minimum daily closing balance of $3,000 to $4,500. Premium accounts at those banks run $28.95 to $30.95 a month. FCAC also notes some people are still on older legacy plans that are often more expensive than current accounts.

Overdraft fee

Charged when your bank pays a transaction your balance cannot cover. The CFPB describes the typical overdraft fee as roughly $35. The FDIC says some banks also charge continuous or daily overdraft fees for every day the account stays negative.

In the US, the FDIC says your bank cannot charge an overdraft fee on debit card transactions at ATMs or stores unless you opted in. You can opt out later by contacting your bank. Without opt in, the purchase may just be declined.

Canada: overdraft protection works like credit, and FCAC says interest is charged on the overdrawn amount.

NSF (non sufficient funds) fee

Charged when your bank declines a payment, like a cheque or a pre authorized debit, because there is not enough money. The FDIC says banks do not need your opt in to charge NSF fees, and they typically charge per transaction.

Canada: since March 12, 2026, federally regulated banks cannot charge more than $10 for an NSF fee on a personal account. They also cannot charge one more than once in two business days on the same account, or when the shortfall is under $10. FCAC says NSF fees were typically $45 to $48 before the cap. If you are with a provincially regulated credit union, check its own fee schedule.

Out of network ATM fees

The CFPB says that when you use another bank's ATM, usually both the ATM owner and your own bank charge you a fee. That is two fees on one withdrawal, and only one of them shows on the ATM screen.

Canada: FCAC found that a withdrawal from an ATM your bank does not own can cost $3.00 to $10.75 in total once the network access fee, the convenience fee, and any excess transaction fee are added up. FCAC also notes the network access fee from your own bank is not shown on screen during the withdrawal.

Foreign transaction and cross border fees

These hit when you pay in another currency or use your card outside the country, including online shopping from a foreign store. Check your card's rates and fees table for the exact percentage.

Canada: FCAC found most banks charge a cross border debit fee of 2.5% to 3.5% on debit purchases and withdrawals outside Canada, with 2.5% most common. On top of that, currency conversion markups typically run about 1% to 4% above the mid market exchange rate. FCAC says banks show the rate they used but not the markup as its own line.

Paper statement fee

Some accounts charge to mail you a paper statement. The FDIC says switching to paperless statements can be one way to get rid of some monthly fees. In Canada, FCAC says low cost and no cost accounts include some extras at no cost, for example free digital monthly statements.

Excess transaction fees

Some accounts include a set number of debits a month. Go over it and each extra transaction costs more. FCAC notes ATM withdrawals usually count toward that limit.

How to ask your bank to waive a fee

The FDIC says not to be afraid to call your bank and ask for a waiver, especially if you have not had many fees before. A short script works:

Hi, I see a [fee name] of [amount] on [date]. I have been a customer for [time] and this is not something I usually get charged. Can you waive it as a courtesy?

If they say yes, ask what you can change so it does not happen again. If they say no, the FDIC suggests asking whether the bank has a different account without that fee. If not, you can shop around.

Other fixes worth asking about:

• Maintenance fee: ask what the waiver rules are (minimum balance, direct deposit) and whether you meet them.
• Overdraft fee: in the US, ask to opt out of overdraft coverage on debit card and ATM transactions, or link a savings account. The FDIC says a transfer fee for that link is typically less than an overdraft fee.
• Low balance: in Canada, FCAC says banks must send an alert when your balance falls below $100 by default, and you can change that amount. In the US, the FDIC suggests asking your bank for low balance alerts.
• Too many fees overall: in the US, the CFPB says you can ask about low cost accounts, such as student or senior accounts. In Canada, FCAC says any Canadian can open a low cost account for $4 a month or less, and some people qualify for a no cost account, including students, people 18 and under, seniors on GIS, RDSP beneficiaries, and newcomers in their first year.

Catch hidden bank fees across all your accounts

Checking one statement is easy. Checking every bank, every month, is where fees slip through.

Expense Canary links US and Canadian banks read only through Plaid and looks for money leaks you may not know about: hidden bank fees across accounts, like maintenance fees and overdraft charges, plus forgotten subscriptions still charging and unusual or duplicate charges. It does not move money and it does not contact your bank for you. You see the fee, then you make the call. It runs on iPhone and Android. Pricing: 7-day free Premium, then $4.99 USD/month.

FAQ

Why is my bank charging me a monthly fee I did not know about? Usually it is a maintenance fee that kicks in when you drop below a minimum balance or stop a direct deposit. Check your fee schedule for the waiver rules.

Can my bank charge an overdraft fee without asking me? In the US, the FDIC says not on debit card transactions at ATMs or stores unless you opted in. Checks and automatic payments are different.

How much can a Canadian bank charge for an NSF fee? Since March 12, 2026, federally regulated banks are capped at $10 per NSF fee on personal deposit accounts.

Will my bank really waive a fee if I ask? It is up to the bank. The FDIC says to ask, especially if you have not had many fees before.

Does Expense Canary get fees refunded for me? No. It finds the fees across your linked accounts so you can ask your bank or switch accounts yourself.