Why is it vitally important to understand the fees your bank may charg your checking account?

When a bank lends you money, it charges interest on the loan. When you open a deposit account, such as a checking or savings account, there are fees for that as well. It's important to know all the fees your bank charges, as well as how to reduce or eliminate as many of them as possible.

Explanation:

Reviewing your account statements can help you identify ways to save in fees, particularly if you are paying excess savings transaction fees. If you bank with a credit union or customer owned bank, your financial institution will provide you with a list of handy ways to reduce the fees you pay each month.

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Explanation:

To make a profit and pay operating expenses, banks typically charge for the services they provide. When a bank lends you money, it charges interest on the loan. ... It's important to know all the fees your bank charges, as well as how to reduce or eliminate as many of them as possible.

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