How to Have a Business Bank Account Without Fees

Fight Bank Fees How to Have a Business Bank Account Without Fees

How to Have a Business Bank Account Without Fees

One important aspect to doing business in the U.S. is having ready access to your business bank account. However, banks -- knowing how vital a bank account is to a business -- often cash in by charging fees. Many people are not even aware of the fees they're being charged simply for having money in the bank. Others may realize the fees are being charged but believe that there is nothing they can do about it. With DoNotPay's Fight Bank Fees product, you can appeal unfair fees associated with your business bank account and request a refund or a waiver of the fees.

What Fees Are Commonly Associated with Business Bank Accounts?

Banks charge a number of fees for the different services they provide in order to afford customer service, open more locations, and keep up with the day-to-day banking needs of their customers. Some fees commonly associated with business bank accounts include:

Monthly Service FeesMonthly service fees can generally be waived if you are able to meet certain conditions, such as maintaining a minimum balance in your account throughout the month.
Excess Transaction FeesExcess transaction fees are often charged per item over a set limit of transactions your business is allowed to conduct during the month.
Overdraft FeesYou will be charged with overdraft fees if you make a purchase or a withdrawal and do not have the funds in your account to cover it. Generally, these fees are between $30-35 per purchase or withdrawal.
ATM FeesATM fees are charged when you used a machine from a different bank. These fees, however, are generally waived as long as your transactions are conducted at an ATM provider that your bank has partnered with. If you use an ATM apart from the bank's approved partners, you can incur a fee that is often a percentage of the total transaction.
Outgoing Wire Transfer FeesRefers to fees charged by your bank when you send money from your account to another account or another bank. Incoming transfers (those going into your bank account) are free.

How to Request a Bank Refund or Waive Your Business Bank Account Fees

Bankers are human too and will often agree to refund or waive business bank account fees in situations where the business has suffered a severe financial hardship. For example, during 2020 -- at the peak of pandemic shutdowns -- many banks waived overdraft fees as a way of assisting their many customers facing sudden and unexpected financial hardship. In order to make your request, you can expect these four activities to be part of the process:

  1. Do your research. Find out what your bank's process of seeking a refund is, as well as whether your specific situation is covered in their policies regarding the criteria for obtaining a refund.
  2. If you are unable to find anything in the policies of your business bank account regarding permissible reasons for requesting a refund or a waiver, research state and federal consumer protection laws pertaining to hidden bank fees.
  3. Find out how to contact your bank's customer service department. Most banks provide a number of options for customers to reach them, such as an online chat, email, phone call, or in-person visit to a local branch.
  4. Be sure to share details of the reason why you need your fees waived or refunded on your business bank account and be sure to include in the conversation any applicable laws that cover your situation.

Using DoNotPay to Fight Bank Fees

While it is your right to seek a refund or waiver of bank fees, doing so often requires more research and effort than people have in their busy lives. Many people are tempted to seek legal assistance from an attorney, despite the cost that they will pay for that assistance. Conducting your business' financial transactions through a bank should not be so difficult or costly. Fortunately, DoNotPay's Fight Bank Fees product allows you to appeal a fee and request a refund or waiver in just four (much easier) steps:

  1. Open the DoNotPay Fight Bank Fees product.

     

  2. Enter the name of your bank.

     

  3. Verify the last 4 digits of your bank account.

     

  4. Choose which fees you want to waive, including overdraft, ATM, and transaction fees.

     

And that's it. DoNotPay will send the legal appeal letter on your behalf to your bank, so your fees get refunded. If your bank has any further comments, they'll reach out to you directly.

What Kind of Business Bank Account Fees Can DoNotPay Help You With?

DoNotPay's Fight Bank Fees product can help you with any fees associated with your business bank account, including excess transaction fees, ATM fees, overdraft fees, and more. The tool works with any bank and in any state, freeing up the time you would normally spend researching laws and communicating with customer service personnel for more enjoyable activities.

What Else Can DoNotPay Do?

Helping your business get out from under hidden bank fees is just one of the many time-consuming or confusing tasks that DoNotPay can help with. However, there are many more, including:

Want to know more about how DoNotPay can help you save time and effort on daily tasks? Sign in or sign up today.

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