Banking without the fees: United States.

A take-home sheet for people at the session. Other countries: United Kingdom · Canada · Australia.

Moraph for Good · Fluent

Banking without the fees: United States

Handout · moraph.org/commons/sessions/fluent/banking-without-the-fees

This sheet goes with the Banking without the fees session. It is general information, not advice, and it doesn’t recommend any bank, credit union or app.

Choosing an account

Ask for a basic or low-cost account by name.
Ask about monthly fees and how to avoid them, overdraft rules and free cash machines.
Compare banks and credit unions with the same questions.

Avoiding overdraft fees

Ask whether payments can be declined instead of overdrawing.
Turn on low-balance and transaction alerts.
Know the date of every automatic payment, and ask to move bills to after payday.

Checks and payment apps

Depositing checks into an account usually costs less than cashing them at a store.
Move money out of a payment app balance into your account promptly.
Treat a payment sent through an app like cash: it may not come back.

If something goes wrong

Report missing money to your bank straight away, using the number on your card.
Complain to the bank first, in writing, and keep copies.
If that fails, use the free complaint service below.

In the United States

Overdraft choices. Without debit and ATM overdraft coverage, a card purchase or ATM withdrawal without enough money is generally declined and you won’t pay an overdraft fee. Institutions can’t charge overdraft fees on ATM transactions unless you have opted in, and you can change your overdraft decision at any time.
Opening an account. Some banks offer “second chance” accounts for people who have had banking problems before. Many banks let people who are not U.S. citizens open an account, using ID such as a foreign passport, a consular ID or an ITIN.
Deposit insurance. Deposits are insured to at least $250,000 at each FDIC-insured bank, and members have at least $250,000 in coverage at each federally insured credit union through the NCUA. Investments such as stocks, mutual funds and crypto assets are not covered.
Payment apps. FDIC insurance generally does not apply to money sitting in a payment app unless you have signed up for additional services from the app. The CFPB suggests moving money you receive into an insured bank or credit union account promptly.
Unauthorized transactions. If you report a lost or stolen debit card within two business days, your loss is limited to $50 or the amount taken, whichever is less. Report unauthorized transactions on a statement within 60 days of the statement being sent, or you could have to pay for later transactions.

Official places to check:

Consumer Financial Protection Bureau: www.consumerfinance.gov/consumer-tools/bank-accounts/know-your-overdraft-options
Federal Deposit Insurance Corporation: www.fdic.gov/getbanked
Federal Deposit Insurance Corporation: www.fdic.gov/resources/deposit-insurance
National Credit Union Administration: mycreditunion.gov/protect-your-money/share-insurance
Consumer Financial Protection Bureau: www.consumerfinance.gov/ask-cfpb/is-the-money-i-keep-in-my-payment-app-safe-en-2135
Consumer Financial Protection Bureau: www.consumerfinance.gov/ask-cfpb/how-do-i-get-my-money-back-after-i-discover-an-unauthorized-transaction-or-money-missing-from-my-bank-account-en-1017

General information, not advice about your own situation. Checked 19 October 2026. If an official source says something different, it is right. Free to copy and adapt. moraph.org/commons/sessions/fluent/banking-without-the-fees