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Fact or Fiction: Hidden Bank Fees
by Staff
Even though your bank offers a variety of convenient services, chances are they're not free. But there are ways you can avoid paying them. Take our quiz to see if you know how.

Fact or Fiction: You can avoid all overdraft fees on your checking account by linking an overdraft protection account, such as your savings account.

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Fact or Fiction: Your bank can charge you an inactivity fee if you don't use your credit card.

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Fact or Fiction: Any of the fees your bank could possibly charge must be outlined in the paperwork you sign when you open the account.

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Fact or Fiction: Your bank must notify you whenever it changes any fees for your account.

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Fact or Fiction: Even though credit unions have lower banking fees, the membership costs are higher than the combined fees you'd pay at other banks.

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Fact or Fiction: The fees banks charge for using ATMs are just another way for the banks to profit.

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Fact or Fiction: When you close a bank account, the bank erases your account records to protect your privacy.

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Fact or Fiction: If you use a U.S. bank credit card to purchase something while you're in Japan, the conversion rate of Japanese yen to U.S. dollars is calculated at the time of the purchase.

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Fact or Fiction: Your bank could charge a fee for converting a bank transaction from one currency to another.

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Fact or Fiction: Account closing fees are unnecessary and illegal.

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Fact or Fiction: If you deposit a check from someone and the check bounces, you're not only out the money for the amount of the check, but your bank could also charge you a fee for the returned deposit.

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Fact or Fiction: Your bank processes the day's transactions in the order in which they occur, including penalties for insufficient funds or overdraft transfers.

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Fact or Fiction: Without you asking for it, your bank can automatically provide overdraft protection for your checking account so you can avoid having a check bounce or debit card decline.

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Fact or Fiction: If you designate your savings as the overdraft protection account for your checking, the bank can still charge you for covering each overdraft transaction.

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Fact or Fiction: You may be able to save money in fees by only banking online and receiving e-statements.

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Fact or Fiction: Some banks will waive monthly maintenance charges on your account if you use direct deposit for your paycheck.

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Fact or Fiction: As long as your checking and savings accounts are with the same bank, your bank can't charge you to move money between them.

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Fact or Fiction: Bank account rules and fees are negotiable.

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Fact or Fiction: The bank regulations enacted in 2010 will lower the costs of your checking, savings and credit card accounts.

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Fact or Fiction: Bank fees may be tax deductible.

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