7 Common Fees You Shouldn’t Pay

If you’re still paying a monthly fee just to have a checking account, we need to talk seriously.

In an age where digital banks are fighting for your business, paying a maintenance fee is a voluntary commitment to give away your lunch money.

It’s not just banks, either. From tax preparation to investment advice, there’s an entire industry built around charging you for services you can get for free, if you know where to look.

I have spent years watching people tie money with small leaks that add up to thousands over a lifetime. I hate it and it’s time for it to stop.

Here are seven financial services you should never pay for again.

1. Checking and savings accounts

If your bank charges you a $12 monthly maintenance fee, it’s not your partner; it’s an animal. Many big name banks will waive these fees if you skip such as maintaining a high balance or setting up direct deposit. But why do you jump?

Avoid the “too big to fail” crowd and look to online banks or local unions. Many offer great savings and free testing with no strings attached. Also, online banks usually have the best interest rates.

Why pay a bank to hold your money when it should be paying you?

See also: “12 Ways to Stop Paying Bank Fees.”

2. Basic tax preparation

Unless you own a complex business or have external tax liabilities that make a CPA’s head spin, you probably don’t need to pay for tax software. If your adjusted gross income is $89,000 or less, you can use the IRS Free File program.

It gives you access to brand name software for free. Even if you earn more, there are options like FreeTaxUSA that don’t charge a federal return. Don’t let the “free” offer entice you to sell you a $60 service because you have a 1099 in addition to a W-2.

See also: “How to File Your Taxes for Free in 2026 (The Original).”

3. Credit scores and reports

You’ve probably seen ads for sites that want to protect your credit for $19.99 a month. Ignore them. But you should check your credit a few times a year.

By law, you are entitled to a free credit report from the three major bureaus every week through AnnualCreditReport.com.

As for your score, many credit card issuers now provide your free FICO score right on your monthly statement or mobile app. If yours doesn’t, services like Credit Karma will give you your credit score without charging you a dime when you set up an account.

See also: “How to Get Your Free Credit Report in 6 Easy Steps.”

4. Exchange of funds

Remember when it cost $50 to trade a stock? And then $7? Gone are those days. If your brokerage is still charging you a commission to trade an underlying stock or exchange-traded fund (ETF), you’re living in the past.

Platforms like Charles Schwab, Fidelity and Vanguard have all moved to $0 commissions for online trading.

If you still have a full-time broker charging you every time you want to buy a few shares of an index fund or ETF, it’s time to move your money somewhere more hospitable.

5. Financial counseling and budgeting

If you’re struggling with debt, don’t fall for debt settlement companies that charge huge upfront fees. They often do more harm than good. Instead, look for a nonprofit credit counseling agency.

Organizations like the National Foundation for Credit Counseling (NFCC) can refer you to free or very low-cost counseling. They can also help you budget and plan to get out of the hole without having to dig a second one just to pay their money.

Note: If you get a debt reduction program, non-profit counseling centers will charge a small monthly fee. But talking to them is free.

6. Access to an ATM

Paying $3 to $5 to access your own money is an insult. If you’re at a bank with a small footprint, choose one that’s part of a larger network like Allpoint or MoneyPass.

Better yet, find a bank that reimburses ATM fees charged by other banks. If you’re stressed and find yourself at the store, just get cash by making a debit purchase. The ATM fee you just avoided will pay for a gallon of milk.

7. Basics of housing planning

I’m not saying you should DIY a multimillion dollar trust. But with a simple “who gets my things” letter or health care power of attorney, you don’t always need an attorney who charges $300 an hour.

Many employers offer legal aid programs as a benefit, or you can find decent legal forms online for free through your state’s legal aid website.

If your life is straightforward, your estate plan should be too.

See also: “8 Important Legal Documents You Can Create Before It’s Too Late.”